Businesses that have accumulated Integrated GST\u00a0 credit in their books can settle it against Central and state tax dues in any proportion, the Revenue Department has said.<\/p>\n\n\n\n
Importers typically pay IGST on goods they \nbring into the country. Also, IGST is paid on inter-state movement of \ngoods. This tax is supposed to be set-off against the actual GST paid, \nor may be claimed as refund in certain cases.<\/p>\n\n\n\n
The Central Board \nof Indirect Taxes and Customs in March had allowed utilisation of input \ntax credit of IGST towards the payment of Central GST and State GST, in \nan order subject to the condition that the entire IGST liability has \nbeen first discharged using the accumulated credit.<\/p>\n\n\n\n
However, \nthere was confusion among taxpayers regarding the quantum of utilisation\n of IGST credit in paying CGST and SGST dues.The CBIC has now clarified \nthat the IGST credit can be used in payment of CGST or SGST in any order\n or proportion.<\/p>\n\n\n\n
Ideally, there should be \u2018nil\u2019 balance in the \nIGST pool at the end of a fiscal since the amount should be used for \npayment of CGST and SGST. As some businesses are ineligible to claim the\n benefits of input tax credit , the balance gets accumulated in the IGST\n pool.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
Businesses that have accumulated Integrated GST\u00a0 credit in their books can settle it against Central and state tax dues in any proportion, the Revenue Department has said. Importers typically pay IGST on goods they bring into the country. Also, IGST is paid on inter-state movement of goods. This tax is supposed to be set-off against […]<\/p>\n","protected":false},"author":1,"featured_media":60099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-60098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=60098"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60098\/revisions"}],"predecessor-version":[{"id":60100,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60098\/revisions\/60100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/60099"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=60098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=60098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=60098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}