This article is Regarding off-setting Gst Liability and payment of gst liability in specific heads like IGST , CGST and SGST.
When I First saw the From 3b in rules , I taught the offsetting of liability will be Automatic as the rules Tax set-off were already in built in provisions of GST and from the same page challan would be generated and payment would be made Thus setting-off the liability.
But The Procedure is different First we had to submit the Form 3B then Payment of tax would open then we had to create challan and the tax head appropriately if not the same would not be available for set-off ,after payment computing set-off tax liability .
Here is how set off works in case of GST –
IGST payments can be set off against – IGST, CGST, SGST on inputs
CGST payments can be set off against – IGST and CGST on inputs
SGST payments can be set off against – IGST and SGST on inputs
This computation would take lot of time
Reverse Charge Mechanism (RCM)
RCM has to compulsory for payment to be made for claiming input and cannot be set-off against existing input tax credit and uncertainty of input credit of Rcm can be claimed in Which month .But Input Of Rcm Claimed in Month which was expense was Incurred This view is supported by the answer by the Board Council in Frequently Asked Questions.The same is used in my excel sheet
Thus I have made a excel sheet to auto-calculate off-set and Payment calculation in specific heads IGST, CGST, SGST With compulsory Payment of RCM.
Any Inquiries regarding the Sheet please Email me on Rajatsolanki1@yahoo.com.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018