Igst Liability Settlement Clarification

Summary

When excess IGST liability is claimed for a specific financial year, it can be settled by paying CGST and SGST in a different financial year. This process involves ensuring that the tax obligations are met accurately according to the applicable tax laws. Understanding the distinction between IGST, CGST, and SGST is crucial for proper tax compliance. If you have questions or need further clarification, consider consulting a tax professional or legal advisor familiar with your states tax regulations.

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The excess of IGST liability claimed by us in the financial year *-* has been paid by us as CGST and SGST in the previous financial year *-*." turn this line to legal language
Certainly! Here's the line in more formal legal language:
"The excess Integrated Goods and Services Tax (IGST) liability claimed by us for the financial year *-* has been settled by payment of Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) in the preceding financial year *-*."