Monday, February 11, 2019

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)

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