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
@rajadey15522 жыл бұрын
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...
@saviorodrigues78522 жыл бұрын
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!! 🙏👍❤️💯
@samimasiddiqui5 ай бұрын
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
@kalkivijaykumarpasmarthy91845 жыл бұрын
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
@subhamgupta92535 жыл бұрын
Same query
@shitanshuagarwal77135 жыл бұрын
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
@subhamgupta92535 жыл бұрын
@@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_nature7184 жыл бұрын
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.
@karanshah164 жыл бұрын
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)
@tukitaki69363 жыл бұрын
Exactly...this was also my question, can we adjust the remaining 300 IGST in whole against CGST? why 200? Is there any calculation?
@mukamaldin3 жыл бұрын
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.
@Rkhadloya4 жыл бұрын
Next year carry forward hota hai kya credit ledger ka balance amount
@shauryasamrol3 жыл бұрын
Always
@yashwetatandon15324 жыл бұрын
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?
@samiksharaut54283 жыл бұрын
Aapne konse praportion mai remaining igst sett off kiya against cgst & sgst
@rajputsaurabh855 жыл бұрын
Sir can we use ITC of IGST in CGST 50% and SGST 50%
@NZFashionIcon5 жыл бұрын
Yes, we can
@saviorodrigues78522 жыл бұрын
Yes but after utilising ITC of Igst against igst liability first completely
@vijayajayaram53503 жыл бұрын
Why it is advisable to apportion equally to cgst and sgst? What's the use?
@ritztalk68093 жыл бұрын
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?
@Vj454593 жыл бұрын
How long is the Electronic credit ledger balance valid for? Unused itc that is credited into ledger?
@sumeetpatel31983 жыл бұрын
What's the meaning of Excess ITC? And what if when it came in negative value sir? Like excess ITC is (14000)?
@shauryasamrol3 жыл бұрын
I think u utilised more than u should .
@tamiltechnology76752 жыл бұрын
Such itc shall be carried forward
@sumeetpatel31982 жыл бұрын
@@tamiltechnology7675 ok sir...
@vishalbansal17723 жыл бұрын
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.
@santoshkerketta37194 жыл бұрын
Thank u so much sir
@bandanabhatt29014 жыл бұрын
Can input tax credit standing in the electronic credit ledger be utilized tax payment of tax under reverse charge mechanism?
@shauryasamrol3 жыл бұрын
No
@Divishakhush3 жыл бұрын
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 ?
@Divishakhush3 жыл бұрын
A Very good Video, very superbly explained to layman like me .
@Kanhaseries-10083 жыл бұрын
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.
@shauryasamrol3 жыл бұрын
I don't know what answer u need . Sorry
@sanndeepagrawal98774 жыл бұрын
Sir mera input tax credit gst ke portal pe csgt jayda Bach gya hai sgst me kam Kai use kaise balance karu ?
@shauryasamrol3 жыл бұрын
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.
@ggchannel71072 жыл бұрын
Can we put 150 nd 150 for both, cgst & sgst
@architasingh46352 жыл бұрын
Nice teaching Sir🙏
@rahulwagadiya51263 жыл бұрын
Thank you
@HandsomeHunk00034 жыл бұрын
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
@TaxmannIndia4 жыл бұрын
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-i4w4 жыл бұрын
Sir it's applicable for November 2020 exam... Please reply me sir
@nageshmallah3484 жыл бұрын
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.bhalodiaassociates66525 жыл бұрын
can we use ITC of Igst in cgst 50% and in sgst 50%?
@NZFashionIcon5 жыл бұрын
Yes, we can
@himanshusahu40712 жыл бұрын
Thanks sir
@pardeepkaushik99004 жыл бұрын
What if IGST credit is less than IGST liability?
@TaxmannIndia4 жыл бұрын
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.
@rahchandr4 жыл бұрын
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.
@TaxmannIndia4 жыл бұрын
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-vg2hd4 жыл бұрын
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 ?
@TaxmannIndia4 жыл бұрын
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
@avijitdutta71144 жыл бұрын
No because the gst number and name is the third person
@withirfan15 жыл бұрын
CAN WE SETOFF IGST FROM SGST ONLY?? AS WE HAVE EXCESS BALANCE IN SGST
@shauryasamrol3 жыл бұрын
U can
@suhasigupta94795 ай бұрын
I don't know what are explaining!!! You have confused me even more now
@architasingh46352 жыл бұрын
Nice TEACHING 👍
@subscribemychannel19863 жыл бұрын
Please send me electronic credit ledger reconciliation with books