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CMP O8 FILING

14 July 2021

while filing cmp 08 for Q1 21-22 additional cash required showing nil after adjusting negative tax liability. shall we pay as per turnover .or not

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4 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3934 Points)
Replied 14 July 2021

he taxpayer can file the nil return, if taxpayer not perform the below mentioned activities:

Any outward supply(Commonly known as sale)
Any liability due to reverse charge (including import of services)
Any other tax liability.

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 15 July 2021

Dear Vijay
This problem is being faced by every composition dealer who made the mistake in filing their GSTR 4 (Annual return) for Fy 2020-21.
while filing GSTR 4 , for Fy 2020-21 you have Not report the Tax liability in table 6 of GSTR 4 , so the tax deposited for the period (2020-21) will be transferred to Negative Liability Statement.
So those who have not reported the liability in table 6 of GSTR 4 , the liability declare for the year assumed to be NIL & the tax deposited for that year is get transferred to your Negative Liability Statement.

Thus it is adjusting your Qtr liability from Negative Liability Statement.

You should pay the tax in Cash Ledger for the Qtr & file DRC 03 to setoff the same.

Jishad T (GSTP) (289 Points)
Replied 16 July 2021

HOW TO SETT OFF THROUGH DRC-03??

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 18 July 2021

UNDER SERVICES SELECT -> MY APPLICATION> FROM DROP DOWN SELECT > DRC03 -VOLUNTARY PAYMENT > CLICK ON NEW APPLICATION.

IN WINDOW SELECT THE PERIOD & TAX AMOUNT TO BE SETOFF, SAVE THE DATA, THEREAFTER IT WILL BRING YOU NEW WINDOW . BEFORE CASH LEDGER INPUT THE TAX NEED TO SETOFF & FILE THE RETURN