KAMAL LADDHA (PROP) (29 Points)
11 July 2020Due to legal restriction on the set-off of IGST ITC in CGST and SGST liability, I could not adjust it fully in my monthly GSTR3B filing and had to pay an additional amount towards SGST. The electronic credit register in my case thus is left with unadjusted an excess in the CGST account by Rs 1 lakh. I am now planning to shut down the business. How can I claim a refund of the excess which could not be set off against the CGST/SGST liability, for which I had to pay extra in the SGST account?
KAMAL LADDHA
(PROP)
(29 Points)
Replied 16 July 2020
As I have mentioned, I am closing the business and there is no scope of further transactions by which the excess in CGST credit register can be adjusted. I want the same to be refunded to me as it is the tax I have paid in the form of IGST on interstate purchases which couldn't be set off due to set off restrictions.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
