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01 Dec 2022

ITC UTILIZATION AS PER NEW METHOD

ITC UTILIZATION AS PER NEW METHOD

ITC UTILIZATION AS PER NEW METHOD

ITC on Account of

IGST Liability

CGST Liability

SGST Liability

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

CGST ITC

4

3

 Not Permitted

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.