how to gst ict setoff as per the new rule of setoff?
pls give some example with all three taxes I.e ig, ch, sg payable and carryforward.
as site still calculating as old setoff rule ?
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new gst ict setoff
Replies (2)
under new regime 1st credit of igst should be utilized against all the heads respectively ie. Igst then cgst and sgst.
if you have
output IGST- 500
INPUT IGST - 1000
OUTPUT CGST - 1000
INPUT CGST - 2000
OUTPUT SGST = 1000
INPUT SGST = 2000
THEN
OUTPUT IGST (500) SETT OFF input igst (500)
output cgst (1000) first sett off remain of INPUT IGST (500) THEN input cgst ( 500)
output sgst (1000) sett off first INPUT SGST (1000) CAUSE NO INPUT IGST REMAIN AFTER SETT OFF WITH OUTPUT CGST
IN THIS CASE YOUR
INPUT IGST NIL
INPUT CGST C/F 1500
INPUT SGST C/F 1000
output IGST- 500
INPUT IGST - 1000
OUTPUT CGST - 1000
INPUT CGST - 2000
OUTPUT SGST = 1000
INPUT SGST = 2000
THEN
OUTPUT IGST (500) SETT OFF input igst (500)
output cgst (1000) first sett off remain of INPUT IGST (500) THEN input cgst ( 500)
output sgst (1000) sett off first INPUT SGST (1000) CAUSE NO INPUT IGST REMAIN AFTER SETT OFF WITH OUTPUT CGST
IN THIS CASE YOUR
INPUT IGST NIL
INPUT CGST C/F 1500
INPUT SGST C/F 1000
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