Dharma Lingam • 15 August 2019
our July month detail
Output Cgst& sgst-480000each& igst- 2600000
input Cgst &sgst- 686000& igst- 1246000
Lalit Goenka sir pls expalin to us in table format based on above mentioned amount
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Rule setoff49A
Replies (1)
First, ITC of IGST needs to be used to set off IGST Liability.
Second, ITC of IGST needs to be used to set off CGST or SGST Liability, in any order or proportion. Make sure that ITC of IGST is exhausted before moving ahead.
Third, ITC of CGST or SGST can be used to set off other liability as applicable in below mentioned order.
ITC of CGST with CGST then IGST
ITC of SGST with SGST then IGST
after adjusting as per the instructions given you have to pay by cash of Rs 9,42,000 for IGST liability. There is no carry forward for cgst or sgst.
Second, ITC of IGST needs to be used to set off CGST or SGST Liability, in any order or proportion. Make sure that ITC of IGST is exhausted before moving ahead.
Third, ITC of CGST or SGST can be used to set off other liability as applicable in below mentioned order.
ITC of CGST with CGST then IGST
ITC of SGST with SGST then IGST
after adjusting as per the instructions given you have to pay by cash of Rs 9,42,000 for IGST liability. There is no carry forward for cgst or sgst.
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