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gst_input_tax_credit_itc

Input Tax Credit - Simple

Name Under Remarks
GST Goods and Services Tax
ITC of IGST GST Input Tax Credit of Integrated GST
Output IGST. ITC of IGST
Output CGST. Output IGST.
Output SGST Output CGST.
ITC of CGST GST Input Tax Credit of Central GST
ITC of SGST GST Input Tax Credit of State GST
ITC of IGST GST Input Tax Credit of Integrated GST
Output CGST ITC of CGST
Output IGST Output CGST
ITC of SGST GST
.Output SGST ITC of SGST
.Output IGST .Output SGST

Input Tax Credit (ITC) Utilisation - Explanation

Name Under Remarks
GST Goods and Services Tax
ITC of CGST GST Input Tax Credit of Central GST
ITC of SGST GST Input Tax Credit of State GST
ITC of UTGST GST Input Tax Credit of Union Territory GST
ITC of IGST GST Input Tax Credit of Integrated GST
Output CGST ITC of CGST 1st - Utilise against Output CGST Liability
Output IGST Output CGST 2nd - After Output CGST, if balance available, utilise against Output IGST Liability
Carry Forward or Refund Output IGST 3rd - After Output IGST, if balance available, either Carry Forward or Claim Refund
ITC of SGST GST Input Tax Credit of State GST
.Output SGST ITC of SGST 1st - Utilise against Output SGST Liability
.Output IGST .Output SGST 2nd - After Output SGST, if balance available, utilise against Output IGST Liability
.Carry Forward or Refund .Output IGST 3rd - After Output IGST, if balance available, either Carry Forward or Claim Refund
ITC of UTGST GST Input Tax Credit of Union Territory GST
.Output UTGST. ITC of UTGST 1st - Utilise against Output UTGST Liability
.Output IGST. .Output UTGST. 2nd - After Output UTGST, if balance available, utilise against Output IGST Liability
.Carry Forward or Refund. .Output IGST. 3rd - After Output IGST, if balance available, either Carry Forward or Claim Refund
ITC of IGST GST Input Tax Credit of Integrated GST
Output IGST. ITC of IGST 1st - Utilise against Output IGST Liability
Output CGST. Output IGST. 2nd - After Output IGST, if balance available, utilise against Output CGST Liability
Output SGST or UTGST. Output CGST. 3rd - After Output CGST, if balance available, utilise against Output SGST or UTGST Liability
Carry Forward or Refund. Output SGST or UTGST. 4th - After Output SGST or UTGST, if balance available, either Carry Forward or Claim Refund

Note:

  • SGST/UTGST Output or Input is calculated state wise.
  • Input tax credit can not be used for payment of interest, penalty, fees etc.,
gst_input_tax_credit_itc.txt · Last modified: 04-Oct-2017 3:00 pm (external edit)

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