i have opted for quarterly return and now :
Sgst Output tax liability is 15000
Cgst Input available is 15966
can i set off these two and not make payment ?
yes. Certainly you can set off. follow the system below.
How is input tax credits adjusted?
- To pay IGST – First IGST credit will be used followed by CGST or SGST as per the taxpayer's preference.
- For paying CGST – Starting from CGST credit and then IGST credit will be used.
- To pay SGST – First SGST credit and the IGST credit will be used.
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