{"id":4137,"date":"2017-09-05T09:51:38","date_gmt":"2017-09-05T04:21:38","guid":{"rendered":"https:\/\/taxclick.org\/?p=4137"},"modified":"2017-09-05T09:56:26","modified_gmt":"2017-09-05T04:26:26","slug":"off-setting-gst-liability","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/gst\/off-setting-gst-liability\/","title":{"rendered":"How to off-setting the GST liability in GST return"},"content":{"rendered":"<div class=\"content-wrapper fade-ng-cloak\">\n<div class=\"container\">\n<div class=\"mypage\">\n<div data-ng-controller=\"mainctrl\">\n<div class=\"container\" data-ng-init=\"getPaymentData()\">\n<form class=\"ng-valid ng-dirty ng-valid-parse\" name=\"taxPaidForm\" novalidate=\"\">\n<div class=\"tabpane\">\n<div id=\"payment\" class=\"modal fade in\" tabindex=\"-1\">\n<div class=\"modal-dialog\">\n<div class=\"expbtn\">\n<div class=\"modal-body\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The following points should be kept in mind for off-setting the liabilities in GST Return<\/span><\/p>\n<ol type=\"a\">\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The offset liability function is available only once for use in a tax period. There is no facility of setting off liabilities in part.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Offset liability is successful only if the offset criteria is met and complete liabilities are offered for set off in the payment section.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">No offset can be done more than the liabilities payable as per the declaration in table 3.1<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Payment of the following can be done\u00a0<strong><u>only through cash<\/u><\/strong>\u00a0and not through credit<\/span>\n<ul>\n<li><span style=\"font-size: 14pt;\">Reverse charge related liabilities can be paid off only though balance available in the cash ledger.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Late fee and interest can be paid off only through balance available in cash ledger<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-size: 14pt;\">ITC can be utilized in the following manner as per following prioritization for payment of tax liability other than reverse charge liability.<\/span>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">First fill the available credit under respective heads for utilization e.g. IGST Credit against IGST liability, CGST credit against CGST liability and SGST credit against SGST liability.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Liabilities still left out in respect of any major head can be set off with the credit, if any available in other major heads as per the credit utilization rules:<\/span>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">IGST liability: Balance IGST liability can be set off with the CGST credit available after payment of CGST liability, if any. In case, still IGST liability remains, the same can be set off with SGST credit, if available after payment of SGST liability.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">CGST liability: Balance CGST liability can be set off with IGST credit available after payment of IGST liability, if any.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">SGST liability: Balance SGST liability can be set off with IGST credit available after payment of IGST and CGST liability, if any.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Liabilities still left out if any can be paid off only through cash after making sufficient balance available in the cash ledger<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n<div class=\"modal-footer\"><span style=\"font-size: 14pt;\">\u00a0<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/form>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The following points should be kept in mind for off-setting the liabilities in GST Return The offset liability function is available only once for use in a tax period. There is no facility of setting off liabilities in part. Offset liability is successful only if the offset criteria is met and complete liabilities are offered &#8230; <a title=\"How to off-setting the GST liability in GST return\" class=\"read-more\" href=\"https:\/\/taxclick.org\/type\/gst\/off-setting-gst-liability\/\" aria-label=\"More on How to off-setting the GST liability in GST return\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to off-setting the GST liability in GST return<\/title>\n<meta name=\"description\" content=\"How to off-setting the GST 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The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.","url":"https:\/\/taxclick.org\/author\/admin\/"}]}},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"yarpp-thumbnail":false},"uagb_author_info":{"display_name":"Taxclick Team","author_link":"https:\/\/taxclick.org\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"The following points should be kept in mind for off-setting the liabilities in GST Return The offset liability function is available only once for use in a tax period. There is no facility of setting off liabilities in part. Offset liability is successful only if the offset criteria is met and complete liabilities are offered&hellip;","_links":{"self":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts\/4137"}],"collection":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/comments?post=4137"}],"version-history":[{"count":0,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts\/4137\/revisions"}],"wp:attachment":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/media?parent=4137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/categories?post=4137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/tags?post=4137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}