UTGST

Latest Rules related to setting off of Input Tax Credit

Latest Rules related to setting off of Input Tax Credit

/ GST

Setting off of Input Tax Credit under New Mechanism
– For IGST Output: First set off through ITC of IGST, then CGST and lastly, SGST.
– For CGST Output: First set off through ITC of CGST and then, IGST. ITC of SGST cannot be utilized.
– For SGST/UTGST Output: First set off through ITC of SGST/UTGST and then, IGST. ITC of CGST cannot be utilized.

Compulsory GST Registration on the basis of State & Turnover of Business

GST Registration on basis of State & Turnover

/ GST

GST being a tax on the event of “supply”, every supplier needs to get registered. However, businesses having Annual Aggregate Turnover (AATO) of more than the prescribed limit as per their business in the relevant State are required to obtain GST Registration.