while filing gstr 3b i have excess Igst credit, which should be firstly setoff with cgst payable and then balance should be setoff with Sgst payable,
but i have made setoff Igst half for Cgst and remaining half for Sgst would it leads to any problem.
please help me.
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Setoff query
Replies (14)
No because u have set off igst firstly whole towards cgst and then balance to sgst no matter at what proportion
but i have made wrong setoff, what is remedy now?
For which month are you doing setoff. Now system will do the setoff automatically. No need for manual setoff.
I have already done setoff in February month, as said above.
Igst credit should be adjust with igst.
Secondly cgst with cgst.
Thirdly sgst with sgst.
Secondly cgst with cgst.
Thirdly sgst with sgst.
As i have excess credit of igst, which should be firstly adjusted with cgst later balance with Sgst,
buy i have adjusted equally.
buy i have adjusted equally.
As per section 49 CGST Act
a] integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order;
So as per.act you have setoff amount wrong
a] integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order;
So as per.act you have setoff amount wrong
now what i has to do?
In your case your sgst liability should be greater and cgst liability is less........in that case you have to adjust in next tax period and pay interest only on the sgst amount that is short paid.....
doesni need to reverse the setoff which i have done
Yes you need to setoff in next tax period........
i have 50000 Igst credit
and liability Cgst 30000 and sgst 30000
I have made setoff igst credit to cgst and sgst 25000 and 25000 respectively, in the February month,
now what should i do to rectify it?
and liability Cgst 30000 and sgst 30000
I have made setoff igst credit to cgst and sgst 25000 and 25000 respectively, in the February month,
now what should i do to rectify it?
Setoff in next return
In the next return the CSGT liability should be less by Rs 5000 and SGST liability should be more by Rs 5000 and you should pay interest on Rs 5000 of SGST.
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