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xlsx

GST Input setoff formula to unlock any blocked credit

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The newly inserted rule 88A in the CGST Rules allows utilization of input tax credit of Integrated tax towards the payment of Central tax and State tax, or as the case may be, Union territory tax, in any order subject to the condition that the entire input tax credit on account of Integrated tax is completely exhausted first before the input tax credit on account of Central tax or State / Union territory tax can be utilized. The attached excel file will help to arrive at best possible ratio of utilisation of balance IGST input between CGST and SGST to unblock & prevent and credit blockage in particular tax type. #xlsx
CA Aditya Sapre

on 24 September 2019

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