Question

the IGST liability is extinguished first by uilising the input tax credit standing under___.then under ____before the balance is paid in cash.

Answer 1

igst , cgst and sgst

Answer 2

IGST is 'Integrated Goods and Services Tax'.

1.        CGST

2.        SGST

The indirect tax which is based on goods and services is called GST. The rates for the tax can be fixed by the council of GST.

The IGST liability is extinguished first by utilizing the input tax by the credit standing under the CGST i.e. Central Goods and Services Tax then under the SGST i.e., 'State Goods and Services Tax' before the balance is paid in cash.