Hi All,
Did anyone able to offset Liability witl available Input Credit. Because, I am not able to offset Liability with Input credit for the month of November 2017. Available balance in ITC is more than Liability amount. Even then, I am not able to offset.
Kindly, inform as to how can this be done.
Regards
Sridevi
Hi, Divakar,
Financial Year2017-18
Viewing details of Electronic liability Register for the tax period - Nov-17
| Sr. No. | Date | Reference No. | Ledger used for discharging liability | Descripttion | Transaction Type (Debit/ Credit) | Amount debited / credited (₹) | Balance (₹) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Integrated Tax (₹) | Central Tax | State Tax | CESS | Total | Integrated Tax (₹) | Central Tax | State Tax | CESS | Total | |||||||||||
| 1 | 21/12/2017 | AA2911174540367 | - | Other than reverse charge | Debit | 3,24,983.00 | 25.00 | 25.00 | 0.00 | 3,25,033.00 | 3,24,983.00 | 25.00 | 25.00 | 0.00 | 3,25,033.00 | |||||
| 2 | 21/12/2017 | AA2911174540367 | - | Reverse charge | Debit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3,24,983.00 | 25.00 | 25.00 | 0.00 | 3,25,033.00 | |||||
| - | - | - | - | Closing Balance | - | - | - | - | - | - | 3,24,983.00 | 25.00 | 25.00 | 0.00 | 3,25,033.00 | |||||
| Note : Interest liability posted in the Electronic liability register represents interest payable on tax liabilities on supplies attracting reverse charge as well as other than reverse charge | ||||||||||||||||||||
You can see above, this is the Tax Liability, I am able to adjust Rs.3,24,983/- with Input IGST. But, I am not able to adjust the other 2 amounts. If I enter the other 2 amounts in any column, it is showing as You cannot pay more than the central Tax payable amount which is 0.
Regards
My actual IGST Liability is Rs.3,24,983/- . I am able to adjust that amount with IGST Input Credit. But, the other 2 amounts of Rs.25/- each, I am not able to understand what is that amount and how it has come and which column to adjust that amount of Rs.25,/- each.
My available ITC is in Crores in each because we are Exporters without payment of Tax.
We have huge Input credit in each of IGST, SGST and CGST each.
CAclubindia
