NEW SETOFF RULES IN GST

SIR PLEASE TELL ME NEW SET OFF RULES FOR ITC IN GST???
Replies (11)
new????????????
Refer Sec 16 of cgst act for availing ITC. As such there are no new set off rukes
hitesh ji πŸ‘πŸ‘πŸ‘πŸ‘πŸ‘πŸ‘πŸ‘πŸ‘πŸ‘
yes i am asking about new set off rules
Rajkiran sir unable to get your question?
i am asking about new rules for itc set off under gst
rajkiran ji no new rules...
u said old rule is applicable???
There is no new set-off rules in gst.
Yes As per New Amened Act (No.31 of 2018) The new two section are added in this regards 49A & 49B

49A. Notwithstanding anything contained in section 49, the input tax credit on
account of central tax, State tax or Union territory tax shall be utilised towards payment
of integrated tax, central tax, State tax or Union territory tax, as the case may be, only
after the input tax credit available on account of integrated tax has first been utilised
fully towards such payment.
49B. Notwithstanding anything contained in this Chapter and subject to the
provisions of clause (e) and clause (f) of sub-section (5) of section 49, the Government
may, on the recommendations of the Council, prescribe the order and manner of
utilisation of the input tax credit on account of integrated tax, central tax, State tax or
Union territory tax, as the case may be, towards payment of any such tax.”

But , the Provision of this Act is not Implemented Yet , it will be come into for only when notify by council by issuing Notification
So Dear currently you have to follow & refer Section 49 CGST , how to setoff

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