Question ID :
Utilization of GST Credit
Suppose I have Op. Balance of GST CGST Rs.1.00Lakh, SGST Rs.2.00Lakh and IGST Rs.1.00Lakh. at the closure of the month I have Liability of IGST Rs.1.50Lakh and CGST Rs.0.10Lakh and SGST Rs.0.10Lakh. GST credit for current month is Zero.
Now Firstly IGST credit to be used to pay IGST. So to Pay Rs.1.50Lakh IGST I will use Rs.1Lakh GST Credit firstly.
Now the question is for payment of Balance IGST of Rs.0.50Lakh can I use SGST Credit first ? or is it compulsory to use CGST first and after utilization of all the CGST credit only I will be able to use SGST balance.
Or Can I use SGST credit instead of CGST Credit to make balance IGST Payment ?
Answer ID :
Dec 23, 2021
CGST first to be utilised.
VINAY BHARGAV KUMAR G on
Dec 24, 2021