జిఎస్టి ఆధ్వర్యంలో పన్ను లయబిలిటీ కి వ్యతిరేకంగా ఇన్పుట్ టాక్స్ క్రెడిట్ ఆఫ్ సెట్ చేయడం ఎలాగ [విడియో]

43 Comments

• CAN YOU PROVIDE DETAIL OF GST IN THIS MAIL ID

  • We have added you to our subscribers list.

• THANKS FOR SHARING THIS TABULAR FORM OF GST ALLOCATION

• Thanks to Tally India Team for simple, analytical & easy to understand illustrated examples in summarised tabular form, also very helpful for accounting treatment of ICT & Liabilities for CGST, SGST & IGST

• very nice understanding. Thanks

• Local Purchase — Intra State -Hyderabad
  ——————————————————————————-
  Supplier Input Credit CGST Input Credit SGST
  ———————————————————————————
  ABC 10000 10000

  Sales — Inter State Sales to karnataka
  ————————————————————————————————————
  Customer IGST
  ———————————————————————————————————-
  XYZ 6000

  Please explain above example how adjust input tax credit.

  • The entire CGST credit can be utilized to set-off the IGST payable. Balance CGST credit will be Rs. 4,000 and SGST credit will be Rs. 10,000. You can also choose to use the SGST credit to set-off the IGST payable. In that case, balance SGST credit will be Rs. 4,000 and CGST credit will be Rs. 10,000.

• How to adjustment of Local purchase CGST and SGST Input tax Credit to outward sale CGST.
  Please explain how to do in practical scenario.

• Please give me a clarification. If I have inward Supply of Services with CGST and SGST in Say Tamil Nadu and I have outward Intra State Supply in Kerala with CGST and SGST, can I set off the same? Example, I have CGST + SGST collected from Intra State supply within Kerala. But I have a hotel accommodation bill (incurred for the purpose of business) from Chennai in which CGST + SGST is charged. Can I set off input tax credit of Chennai bills with output tax of Kerala?

  • No, CGST + SGST of one state cannot be set-off against CGST + SGST of another state.

• If a business operates in 5 different states, does it need to maintain separate state wise ITC balances for SGST CGST IGST? That is, 15 different tax credits? Or, is it that the ITC can be freely used across India?

  • No, CGST and SGST of one state cannot be adjusted with CGST and SGST of another state. IGST credit can be freely utilized.

• very easy to understand thank u

• Nicely illustrated , Easy understand . Good effort from Tally Team.
  Great Support

• VERY EAST TO UNDERSTAND GST BY TALL TEAM………VERY GOOD

• If material sale West Bengal to Bihar . can you plz provide Invoice format copy.

  • We shall be publishing a blog on invoicing under GST very soon.

    • So many confusions comes to end by your simple tutorial. Very thankful to you

• Superb presentation.

• Quite helpful in understanding the input credit set off process

• APPRECIABLE PRESENTATION BY TALLY TEAM
  CAN BE UNDERSTAND BY A LAYMAN EVEN.

  KEEP ON GOING.

• What happens if the buyer dont pay on time and closes his business , Do we need to shell down the TAX from our pocket.

  • We assume the question is “ What happens if the supplier doesn’t pay on time and closes his business?’
    If supplier doesn’t pay tax on outward supply made to you,  GSTN will communicate the mismatch. This needs to ratified by your supplier, if he fails to ratify and deposit the tax, the ITC claimed by you will be reversed and added to your output tax liability. Please refer this blog post for more information http://blogs.tallysolutions.com/how-to-file-gst-returns/

• Can you please explain the chronology of adjustment of Available credits.

  • The order in which input tax credit needs to be utilised is discussed in the article. Please let us know if there is any specific query you may have regarding this.

• The excess VAT credit as per the last returned filed by you is allowed to be carry forwarded as SGST input credit. This can be utilised to set off against liabilities in the prescribed order. Please visit this blog post for more details http://blogs.tallysolutions.com/?p=882

• Input Tax credit of SGST Rs.6000 Tax Liability of IGST Rs.14000
  Input Tax credit of CGST Rs.6000

  how to set off tax the transaction.

  • First, CGST should be utilised to set off IGST liability (IGST liability Rs.14,000 -CGST ITC Rs.6,000)
    Then, SGST should be utilised to set off IGST liability (IGST liability Rs.8,000 -SGST ITC Rs.6,000)
    Remaining Rs.2000 will be the IGST payable.

• What will be the tax liability of the closing stock of this financial year if GST is implemented.

  • Please refer our blog on this http://blogs.tallysolutions.com/input-credit-closing-stock-gst-transition/

• Excellent. Very well explained with Illustrations & charts.
  Reading Paragraphs after paragraphs of the same concepts were boring & confusing.
  Tally team has presented it very clear for any lay businessman to understand.

  • Glad you found it helpful:)

• For Exporters under existing VAT and Central Excise system, the exporter takes input credit for both VAT and C.Excise when purchasing Raw material and consumables. If the local business (Sales) is less there will be remaining large credit in both VAT & C.Excise as both VAT nor C.Excis is applicable for exports. At present the Exporter applies for Vat refund Quarterly/halfyearly/yearly & also similarly for C.Excise rebate by paying Duty while invoicing some export dispatches and later claiming refund.
  Under GST what will be the procedure ?.

  • Under GST, refund will be allowed only in two cases
    1.Export
    2.The credit has accumulated on account of rate of tax on input being higher than the rate of tax on output.

    In case, where the goods are exported out of India and are subject to export duty, no refund can be claimed

• so in example 3 Rs. 4000 in CGST can be carried over to next month or not ?

  • Yes, it can be carry forwarded to the next month.

  • WHICH TRANSACTIONS ARE COMES UNDER IGST
    PLEASE EXPLAIN. ( Example)

• Can we utilise the Cenvat Credit against CGST or SGST

  • The transition provision of GST law allows carry forward of eligible Cenvat credit. We will be publishing a detailed blog post on this soon. Stay tuned:)

• GOOD …..

• very businessmen should have a proper computer system with networking service and most of all a great accounting software like tally in place.other ways it is going to be a tough time to do business.

• Any credit should be allowed for all type liability.

• awesomeeeeeeeeee tnx tally teammmmmmmmmmmm