How to setoff Input credit ledger and output liablities (subsection 5 ,Sec 49 of CGST Act, 2017) as per new rules Notification no 3 /2019 Dated 29 Jan 2019
As per Law Language Firstly, to take into consideration the new sections inserted after section 49 of the CGST Act- “49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised fully towards such payment. 49B. Notwithstanding anything contained in this Chapter and subject to the provisions of clause (e) and clause (f) of sub-section (5) of section 49, the Government may, on the recommendations of the Council, prescribe the order and manner of utilization of the input tax credit on account of integrated tax, central tax, State tax or Union territory tax, as the case may be, towards payment of any such tax.”. After reading the above , new order of set-off of Input Tax Credit is :...