Friends, Adjustment of Input Credit is too much in GST. In case you do not know regarding adjustment of Input Credit and Pay or Deposit GST either in IGST , CGST or SGST. It may be harmful for you. I mean to say there is only adjustment of Input Credit , but Cash Deposit Adjustment is not Possible while Sett off GST Liability at GST site.
Payment of tax
The following help topics should be kept in mind for off-setting the liabilities in GSTR-3B:
- 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 for set off in the payment section.
- No offset can be done more than the liabilities payable as per the declaration in table 3.1
- Payment of the following can be done only through cash and not through credit
- Reverse charge related liabilities can be paid off only though balance available in the cash ledger.
- Late fee and interest can be paid off only through balance available in cash ledger
- ITC can be utilized in the following manner as per following prioritization for payment of tax liability other than reverse charge liability.
- 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.
- 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: