Some one please help
I have made a igst sale in the month of Sep 2023. The same was returned in the month of November 2023. Now Tax liability as per GSTR-1/IFF, GSTR-2B/2A and paid as per GSTR-3B shows an excess amount which i haven't utilized so far. I havent made current month return yet. What to do? How to adjust this? Or shall i apply for refund?
Yes, you can claim the ITC of earlier year till 30th November of next FY, by filing this month's return.
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We doesn't have igst sales. So how to adjust. We got local sales only
You can use your IGST credit to pay off your CGST and SGST liabilities first. The sequence is as follows:
First, use IGST credit to pay off any CGST liability.
Then, use the remaining IGST credit to pay off any SGST liability.
If there's any IGST credit left after adjusting for CGST and SGST, you can carry it forward to the next tax period.
If you have excess IGST credit and no further liabilities, you can claim a refund.
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