Extended the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March, 2019 from 11.04.2019 to 13.04.2019
*FinTax*
📲 91 9892094003
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Wednesday, April 10, 2019
Monday, April 1, 2019
Big relief to tax payers of GST
*Big relief to tax payers of GST*
CBIC has issued notification whereby order of setoff of ITC has been changed by revisiting its stand on utilisation of IGST credit. Rule 88A has been inserted in the CGST Rules to state that input tax credit on account of integrated tax (IGST) shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax (CGST) and State tax (SGST) or Union territory tax (UTGST), as the case may be, *in any order*.
As such, IGST credit shall now first be utilised to pay off IGST liability and the balance of IGST credit, if any, can be utilised to pay off SGST or CGST liability, in any order. It may be noted that the credit of SGST or CGST can be utilised only after exhausting the IGST credit.
*Notification No.16/2019 Central Tax dated 29-03-2019*
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FinTax
Tax and Finance Consultant
+91 9664760174
+91 9892094003
Fintax.ca@consultant.com
Fintax.ca@gmail.com
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