GST Input Tax Credit - Utilization of ITC Avaliable in Electronic Credit Ledger After April 1, 2019

[@acctaxservices5128]

Thanx Alot sir for this video. You are the only one who describe that notification correctly... no One other on yourtube who made video on this.. thanku Rahul Sir & Taxmann

[@rajadey1552]

Bohot aacha vdo hi.... Itc setoff ki ek formula... Nd did well sir, thank u for that... Bt mein actually aisa vdo searching kar raha hu jisme jo v setoff rules govt n banaya uske piche 👉logic kya hai...

[@saviorodrigues7852]

Thank You Sir.....U helped me a Lot for being able to solve ITC utilisation sums of CA Intermediate by your given method!! Thanks Once again!! 🙏👍❤️💯

[@samimasiddiqui]

I even cannot understand...We have available ITC 1300, we have remain only 300 when we adjusted 1000 to igst then balance is 300 only.....why didn't exhaust cgst completely with 300......and I really don't understand 300 available but sir paid 200 to cgst and 200 to sgst, total= 400? How pls make me understand

[@kalkivijaykumarpasmarthy9184]

May I know why balance igst credit of 300 after set off of 1000 igst.... only 200 of 300 igst credit used for cgst ...they can use 300 igst credit to pay 300 cgst output tax liability directly know.... As balance igst can be used in any order for cgst and sgst

[@subhamgupta9253]

Same query

[@shitanshuagarwal7713]

If you use 300 of igst itc remaining balance wholly in cgst then in that case a tax liability of RS 200 will arise in sgst....so it's better to use 200 in cgst and 100 in sgst or you can also use 150 each in cgst and sgst

[@subhamgupta9253]

@@shitanshuagarwal7713 its not the matter that which is better it's the matter about correct procedure after setting off full igst output the remaining balance in credit can be set off in any order its upto us

[@heal_wid_nature718]

Can we utilize the 300 itc balance of igst to totally pay off either only sgst or cgst? Or is it compulsory to apportion them.

[@karanshah16]

It is not compulsory but it is advisable to apportion the ITC in such manner that either 1) you have to pay only tax or 2) have excess ITC It is not advisable that you have excess ITC in one head ( For example- CGST )and have to pay tax in other head (For example - SGST)

[@tukitaki6936]

Exactly...this was also my question, can we adjust the remaining 300 IGST in whole against CGST? why 200? Is there any calculation?

[@mukamaldin]

Thanks for your video, it was very help full. i have a query sir! i am a stock trader, i am earning from stock market on daily basis. on an average 1000 per day, my broker charge 60 rs. including securities tax, gst and other service charge. Apart from that there is pending amount 9640. should i need to pay the gst for the same amount, if yes than how i will do this and to whom the credit will be transferred through gst filing? Please answer me as earlier possible. Hope for your positive response soon.

[@Rkhadloya]

Next year carry forward hota hai kya credit ledger ka balance amount

[@shauryasamrol]

Always

[@yashwetatandon1532]

What does adjusting the credit of Sgst for payment of IGST, being transferred to centre mean? And why does centre later on transfer it to the respective state?

[@samiksharaut5428]

Aapne konse praportion mai remaining igst sett off kiya against cgst & sgst

[@rajputsaurabh85]

Sir can we use ITC of IGST in CGST 50% and SGST 50%

[@NZFashionIcon]

Yes, we can

[@saviorodrigues7852]

Yes but after utilising ITC of Igst against igst liability first completely

[@vijayajayaram5350]

Why it is advisable to apportion equally to cgst and sgst? What's the use?

[@ritztalk6809]

Hello sir, gst mei agr igst ki outwrd ko igst cgst or sgst ke sath kese set off kre...ye btado...kya hum pehle cgst ko cgst ki input se fr sgst ko sgst ki input se...or baad mei igst ko cgst ke sath or sgst ke sath setoff kr skte hai...agar hmre pass igst ki inwrd na ho?

[@Vj45459]

How long is the Electronic credit ledger balance valid for? Unused itc that is credited into ledger?

[@sumeetpatel3198]

What's the meaning of Excess ITC? And what if when it came in negative value sir? Like excess ITC is (14000)?

[@shauryasamrol]

I think u utilised more than u should .

[@tamiltechnology7675]

Such itc shall be carried forward

[@sumeetpatel3198]

@@tamiltechnology7675 ok sir...

[@vishalbansal1772]

We are into import of mix metal scrap business. When we receive our material, we are charged with igst. We are from Punjab and our material sale is also in Punjab hence we levy sgst and cgst as our output tax. Please clarify whether we can set off our cgst and sgst tax liability from our accumulated igst credit or not. As our accountant says that we can only set off cgst liability from igst credit. Please guide as we have to file our GST r 3 b for the month of january 2021.

[@santoshkerketta3719]

Thank u so much sir

[@bandanabhatt2901]

Can input tax credit standing in the electronic credit ledger be utilized tax payment of tax under reverse charge mechanism?

[@shauryasamrol]

No

[@Divishakhush]

Suppose I have ITC of Rs 40000 balance in GST Ledger , and next month Liability of Output GST is Rs30000, so does it mean that I have to pay nothing extra next month and Rs.30000 would be deducted from my ITC Balance and furthermore Rs10000 Balance would remain as ITC which can be utilised to pay Taxes for next months sales ?

[@Divishakhush]

A Very good Video, very superbly explained to layman like me .

[@Kanhaseries-1008]

Sir mera ek quastion h ? Agr itc jyada h liabilites se to itc set off kaise hoga gst portal pr plz btaiye .. Proceed to pay krna padega kya ? Agr nhi to kaise set off hoga.? Mai confuse hu.

[@shauryasamrol]

I don't know what answer u need . Sorry

[@sanndeepagrawal9877]

Sir mera input tax credit gst ke portal pe csgt jayda Bach gya hai sgst me kam Kai use kaise balance karu ?

[@shauryasamrol]

Use igst input for sgst only . And use cgst credit for cgst output tax only . (Purchse goods from another state) and utilise itc in above method . 😇 Use this method till cgst itc = sgst itc . Then use 50% , 50% of igst itc for cgst and sgst output tax.

[@ggchannel7107]

Can we put 150 nd 150 for both, cgst & sgst

[@architasingh4635]

Nice teaching Sir🙏

[@rahulwagadiya5126]

Thank you

[@HandsomeHunk0003]

Can I claim electronic credit ledger? If Yes then how? As I am mainly a exporter and very less domestic Sale. My electronic credit ledgre in increasing month by month. Pls let me know how to claim it. Thanks in advance

[@TaxmannIndia]

Hi Vishal, You can claim refund of Input tax credit (formula-based) as per Rule 89(4) of CGST Rules. You have to file Form RFD-01 on the GST portal Regards, Team Taxmann

[@Pallavi-i4w]

Sir it's applicable for November 2020 exam... Please reply me sir

[@nageshmallah348]

If any taxpayer has adjusted ITC towards payment of Igst on account of export of goods, can the taxpayer claim refund from state Government, please guide

[@v.p.bhalodiaassociates6652]

can we use ITC of Igst in cgst 50% and in sgst 50%?

[@NZFashionIcon]

Yes, we can

[@himanshusahu4071]

Thanks sir

[@pardeepkaushik9900]

What if IGST credit is less than IGST liability?

[@TaxmannIndia]

IGST credit shall be first utilized towards payment of IGST liability. If IGST credit has been fully utilized towards payment of IGST liability, i.e., IGST credit is less than IGST liability, then ITC available under CGST, SGST, or UTGST will be utilized towards IGST liability.

[@rahchandr]

Hello, In ECL, I have CGST 33500 and SGST 55600. The amount got accumulated due to falsely filing GSTR3B by transferring funds instead of using ITC. Can someone please tell me how to get a refund of this amount. please comment.

[@TaxmannIndia]

Hi Rahchand, No, you cannot claim refund of the input tax credit because as per Section 54(3) of CGST Act, you can claim refund of ITC in case of Inverted duty structure and Zero-rated supply without payment of tax only. However, you can utilize the accumulated ITC by paying GST liability for the subsequent months subject to the condition provided under Section 16(4) of the CGST Act. Regards, Team Taxmann

[@NitishKumar-vg2hd]

i am buying a laptop on my gst firm name but i am doing payment with third party debit card but the bill will be made in thr name of the firm. Can i claim itc on it ?

[@TaxmannIndia]

Hi Naveen, Thanks for showing your support, please find the response for your query, If the bill is made in the name of the firm reflecting GST no. of the firm and the laptop purchased will be used for business purposes, then ITC can be claimed on it. Thanks

[@avijitdutta7114]

No because the gst number and name is the third person

[@withirfan1]

CAN WE SETOFF IGST FROM SGST ONLY?? AS WE HAVE EXCESS BALANCE IN SGST

[@shauryasamrol]

U can

[@suhasigupta9479]

I don't know what are explaining!!! You have confused me even more now

[@architasingh4635]

Nice TEACHING 👍

[@subscribemychannel1986]

Please send me electronic credit ledger reconciliation with books

[@imakefashion8626]

How I can refund from Electronic Credit Ledger

[@shauryasamrol]

I don't think so . I may be wrong .

[@jacksonthekkel2763]

tHANK yOU SIR

[@ankushbatra37]

Not clear explanation

[@14aaakashbera24]

Sir thoda detail me bata dete Samjha nahi 😑

[@divyrajbais1209]

O

[@yashumraniya6716]

Wrong

[@shauryasamrol]

Which part