GST Set Off Calculator 2023 (New Rules with Smart Set Off)

How to use GST Set-Off Calculator

The GST set-off calculator is very easy to use. By using this GST utilization calculator, you can calculate GST payable or GST input carry forward.

Step 1: Based on your transaction details, fill in the values for Output GST (IGST, CGST, SGST) and Input GST (IGST, CGST, SGST).

Step 2: Add any opening balances, such as payable liability or input tax credit, to that particular head.

In order to determine utilization and balance amounts, the calculator will process the entered data and apply the relevant GST rules. You can choose any of the two options, such as using CGST first or smart adjustment, which checks that you don’t need to pay extra SGST or CGST if there are already Input Balances.

Check out the results provided by the calculator. Based on your input data and the utilization rules, the GST liability or input carry forward will be displayed.

GST ITC Utilization Rules

Input Output
IGST Input IGST output and then CGST output and SGST/UTGST output in any order
CGST Input After full utilization of IGST credit utilize CGST credit for payment of CGST output and if the balance is left, utilize for IGST output
SGST/UTGST Input After full utilization of IGST credit utilize SGST/UTGST credit for payment of SGST/UTGST output and if the balance is left, utilize for IGST output

It is important to understand how the GST input tax credit utilization rules work before using this GST set-off calculator. GST input tax credit is set off according to the order of utilization according to the rules provided by the government. The GST set-off utilization calculator uses the new rule described by the government.

In newly inserted rule 88A  the CGST rules allow utilization of input tax credit of IGST toward the payment of CGST and SGST or as the case may be, UTGST in any order subject to the condition that the entire input tax credit on account of IGST is completely exhausted first before the input tax credit on account of CGST or SGST/UTGST can be utilized.

The order of utilization of the Input tax credit will be as per the order given below.

Input Tax Credit on Account Of IGST Output CGST Output SGST/UTGST Output
IGST (1) (2) In any order or in any proportion
(3) Input tax credit of IGST to be completely exhausted mandatorily
CGST (5) (4) Not Allowed
SGST/UTGST (7) Not Allowed (6)

Disclaimer for GST Set Off Calculator: Use calculators as a tool to supplement your understanding of tax calculations and exercise caution. If you want accurate and reliable tax advice, you should consult a qualified tax professional or refer to official tax guidelines. The GST set-off calculator is provided for general informational purposes only. While efforts have been made to ensure the accuracy of the calculations, there may be errors or omissions. The results obtained from the calculator should not be considered as professional or legal advice. It is recommended to cross-verify the results with official GST guidelines or consult with a qualified tax professional before making any financial or business decisions.

If you find any error or have any suggestions regarding GST set off calculator, please let us know. Additionally, we have an Excel version of the GST set off utilization calculator available. Feel free to comment if you need help.

Download New GST Set Off Calculator Free – Available Now

Leave a Comment