Hey there Meena,
Setting off GST is an important concept that needs to be understood if a taxpayer wishes to utilise credit to pay his taxes against the supplies made by him/her. We all are required to pay taxes to the government on a quarterly or monthly basis. And we do so by utilising input tax credit or cash towards the payment of Goods and Services Tax. This is precisely what we call a GST set off. So, now that we know what exactly GST set off means, it is crucial to understand how to set off GST since a lot of working professionals still sometimes struggle with understanding the rules of GST set off.
Get legal assistance from the legal experts of NoBroker from drafting your sale agreement to finalising your dream house.Following is the eligibility for the set off of GST and for adjusting ITC in GTSR;
GST liability is permissible to be utilised against SGST liability before it is permissible to be utilised against the IGST liability.
In the same way, CGST credit is permissible to be utilised against CGST liability first and then is permissible to be utilised against IGST liability.
For adjusting ITC in GSTR it is permissible to allow IGST credit for IGST liability, CGST liability, and SGST liability in a respective manner.
This is why the SGST would not be permissible to be adjusted to the CGST and the CGST would not be permissible to be adjusted to SGST. It is because of this that accumulation of credit happens in some places and you receive a message if there is a shortage of balance of ITC in the integrated tax.
How to file GSTR FORM-3B:Log in using your username and password and choose Return dashboard.
Select the financial year for which you wish to file GSTR and also choose the filing period and then click on search and choose GSTR-3B.
In section 3. And 4 select your claims and liabilities.
Provide the required details of interest in section 5.1.
Now proceed to save and then submit the GSTR-3B.
Post this, the tab ‘Payment of Tax’ will be enabled where the balance liability must be zero by offsetting it with available ITC.
Post this, you will have to set off GST using cash and ITC.
I hope my understanding of the GST set off was helpful to you.
Read More: What is Input Tax Credit in GST? How to Check Input Tax Credit in GST Portal?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How to Set Off GST?
Meena Mani
2804 Views
1 Answers
2 Year
2022-05-10T19:45:24+00:00 2022-05-10T19:45:25+00:00Comment
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