New Delhi: Businesses that have accumulated Integrated GST (IGST) credit in their books can settle it against central and state tax dues in any proportion, the revenue department has said. IGST is typically paid by importres and by companies that move goods inter-state. This tax is supposed to be set-off against the actual GST paid.
The Central Board of Indirect Taxes and Customs (CBIC) in March had allowed utilisation of input tax credit of IGST towards the payment of Central GST and State GST, in any order subject to the condition that the entire IGST liability has been first discharged using the accumulated credit. However, there were confusion among taxpayers regarding the quantum of utilisation of IGST credit in paying CGST and SGST dues.
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