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01 Dec 2022
ITC UTILIZATION AS PER NEW METHOD
ITC UTILIZATION AS PER NEW METHOD
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IGST ITC |
1 |
2 - In any order and manner between CGST/SGST, till IGST is completed exhausted |
2 - In any order and manner between CGST/SGST, till IGST is completed exhausted |
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CGST ITC |
4 |
3 |
Not Permitted |
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SGST ITC |
6 |
Not Permitted |
5 |
*Numerical Serial number denotes, order of respective ITC Utilization against respective GST Liability
MANNER OF ITC UTILIZATION AS PER NEW METHOD:
- IGST Credit is to be first utilised against IGST Liability After
- After nullifying IGST liability against IGST Credit, if any IGST Credit is available, same can be utilized against CGST Liability and SGST Liability, in any order and in any proportion.
- Balance IGST Credit, if any remaining, is to be carried forward to next tax period.
- CGST Credit is to be first utilized against CGST Liability
- After nullifying CGST liability against CGST Credit, if any CGST Credit is available, same can be utilized against IGST Liability, if any pending
- Balance CGST Credit, if any remaining, is to be carried forward to next tax period.
- Then SGST Credit is to be first utilized against SGST Liability
- After nullifying SGST liability against SGST Credit, if any SGST Credit is available, same can be utilized against IGST Liability, if any pending
- Balance SGST Credit, if any remaining, is to be carried forward to next tax period.