GST ITC SETOFF NEW RULES IMPLECATED

Hello Friends,

In this blog, I will discuss with you about GST ITC Utilization Rules which has been changed from
01/02/2019.

GST Credit Set-off (OLD RULES Vs NEW RULES)

As per the old rules, following was the Step of set-off of ITC was as below:        ➤  For IGST Output (Liabilities)– First set off by ITC of IGST, then CGST & then SGST       ➤  For CGST Output(Liabilities)-First set-off with ITC of CGST, then IGST        (CGST output could not be adujust with SGST Credit)            ➤  For SGST Output(Liabilities)- First set-off with ITC of SGST, then IGST          (SGST output could not be adujust with CGST Credit)    As per the old rules, following was the Step of set-off of ITC is as follows:           ➤  For IGST Output – First set off thru ITC of IGST, then CGST & then SGST        ➤  For CGST Output- First set off thru ITC of IGST, then CGST                                (CGST output can not be adjust with SGST Credit)          ➤  For SGST Output(Liabilities)- First set-off with ITC of IGST then SGST        (SGST output can not be adjust with CGST Credit)

     Raghav Jha
     Kumarjharaghav333@gmail.com (if any query is raised please share with me on mail)