Sridevi (Accountant) (380 Points)
22 December 2017Hi 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
Divakar
(Student CA Final )
(11857 Points)
Replied 22 December 2017
Sridevi
(Accountant)
(380 Points)
Replied 22 December 2017
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
Divakar
(Student CA Final )
(11857 Points)
Replied 22 December 2017
Divakar
(Student CA Final )
(11857 Points)
Replied 22 December 2017
Sridevi
(Accountant)
(380 Points)
Replied 22 December 2017
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.
Sridevi
(Accountant)
(380 Points)
Replied 22 December 2017
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.
Divakar
(Student CA Final )
(11857 Points)
Replied 22 December 2017
Divakar
(Student CA Final )
(11857 Points)
Replied 22 December 2017
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