Here is the latest GST Set off Calculator based on the changed rules w.e.f. 1-2-2019. You can check the complete detail about GST set off changed rules here. Here you will find your GST Liability or GST Input carry forward with in seconds.
Various quarters had represented before all necessary forums including PMO / MOF etc. to remove the hardship of taxpayer due to the amended provisions. Now, Ministry of Finance has come out with a possible solution by inserting new Rule 88A in CGST Rules to remove the hardship caused to taxpayers w.e.f. 1.2.2019.
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Vide Notification No. 16/2019-CT dated 29.03.2019, following Rule 88A has been inserted which is effective from 29.03.2019 itself. It provides as follows:
“Rule 88A. Order of utilization of input tax credit.- Input tax credit on account of integrated tax shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax and State tax or Union territory tax, as the case may be, in any order:
Provided that the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised fully.”
Taxpayers may, therefore, note the following to be implemented w.e.f. 29.03.2019 which seeks to nullify the impact of change and even the provision before 1.2.2019.
ITC on IGST has to be first fully utilized towards IGST and balance towards CGST / SGST / UTGST.
For utilization of balance IGST credit towards CGST / SGST / UTGST, there is no order of set off as earlier prescribed.
Credit can be taken in any order as per convenience / requirement.
Set off ITC of CGST / SGST / UTGST can be utilized towards IGST, CGST, SGST or UTGST but only after fully exhausting the ITC of IGST.