Negative Output in IGST to setoff against CGST and SGST

[Arya Ram]

We have negative CGST and SGST output in GSTR-1 of 3,61,740. We are unable to set off this in GSTR-3B. Is there a way to setoff the ITC

AI Summary

Tax Professional Faces Complex Input Tax Credit Challenge with Rs. 3,61,740 Negative Output Liability Under Section 49(5) A tax professional encountered a negative output liability of Rs. 3,61,740 in GSTR-1 for CGST and SGST, which cannot be directly set off in GSTR-3B. The negative output typically results from invoice amendments, credit notes, or returns. While Section 49(5) of CGST Act governs Input Tax Credit utilization, it does not resolve this specific issue. Potential solutions include manual adjustment in GSTR-3B, filing a refund claim, or carrying forward the adjustment in future tax periods.