Question ID :
38009
ITC setoff procedure
From 1st February 2019, IGST shall be first utilised towards payment of IGST,CGST and SGST. My query is will this set off procedure will be applied to brought forward credits of IGST, SGST and CGST already standing in electronic credit ledger.
Posted by
Sachin
on
Feb 27, 2019
Filed Under
GST
Yes, any credit whether availed on or after 1st Feb 2019 or any credit already available in the electronic credit ledger, both shall be governed by the Set off procedure laid down by Section 43A of the CGST Act w.e.f. 1st Feb 2019
Posted by
Ashish Kumar Goyal on
Feb 28, 2019
Answer ID :
76325
YES. This is applicable for the credit standing in the books as on the date of notification as well as later credit taken.
Posted by
CA. JHA SHANKAR KUMAR on
Feb 28, 2019