M/s XYZ Ltd has outward liability of Rs. 20,000.00 each, being CGST and SGST for the month of January 2018. XYZ ltd also has IGST input in the same month. After filling the 3b return they realised that they have inadvertantly under admitted their CGST and SGST output liability by Rs. 5,000.00 each.
So after considering circular no. 26, dated 29/12/2017, XYZ ltd decided to add their differential CGST and SGST liability(which was mistakenly not shown in January's 3b) in the February's 3b return.
Output tax liability (inter account wise i.e. cgst/sgst/igst) would differ in case if we show differential output liability in February instead of January. (Tried and tested example)
So what should be done in these cases? Should we deposit the tax after working out liability in subsequent month's (February) return or deposit the tax as per the same month's(January) working.
If deposited as per same month working, it would not be shown in 3b return and hence despite of tax being deposited, it would be lying unutilized in electronic cash ledger and the same would only be utilized after finalising the details in gstr1,2 and 3 or annual return and interest would be attracted on the said tax even after it was deposited by the taxpayer.
Dear Vaibhav Ji,
this happens with many of us, as you said this liability is pertain to Jan 18 hence you need to pay GST with interest @ 18% p.a.
in whichever month (for e.g. Feb 18) you will show your missed liability(for Jan 18) you will be able to setoff against cash paid for respective month. only in case of GSTR-1 you need to show tranactions in Jan 18 (where as it is shown in Feb 18, GSTR-3B)
regards,
Satish
CAclubindia
