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Adjustment of negative liability
I am facing the setting off of my F.Y 21-22 liability with negative liability amount which is tax paid for F.Y 19-20 & F.Y 20-21. What may be the steps I need to take to avoid any conflict in future?
Replies (10)
CGST AND SGST TAX AMOUNT AND NEGETIVE VALUE ADDED MENTION AFTER CHALLAN PAYMENT ONLY TAX AMOUNT
Where should I make grievance for it???
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Option 1: Least advisable
Add the liability of previous year 19-20 & 20-21 in CMP-08 of I Qtr.
Option 2. Highly Advisable
Pay the liability of FY 19-20 & 20-21 with Interest through DRC-03 and use negative liability to set off liability of future period.
Add the liability of previous year 19-20 & 20-21 in CMP-08 of I Qtr.
Option 2. Highly Advisable
Pay the liability of FY 19-20 & 20-21 with Interest through DRC-03 and use negative liability to set off liability of future period.
But I have already liability for respective years at the time of filing CMP 08. Now paying again liability for those yrs...isn't it double payment??
No as you have not declared such liability in GSTR-4, mention the reason in DRC-03 that paid already in CMP-08 but forgot to declare in GSTR-4.
Thank you so much for suggestion and under which shall I file same in Drc-03
Voluntarily under Sec 73(5).
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