Dear Experts
Bill was raised and sent to customer at correct amount and rate. Inadvertently in GSTR 3B excess taxable amount and excess GST was paid. In GSTR 1 correct amount will be filed. How can the excess paid will be adjusted. Since it can't be adjusted within the financial year whether it can be adjusted in the next financial year. There will be difference between GSTR1 and GSTR 3B.
Or we have to apply for refund. Pl clarify and relevant section of the Act
Thank you.
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Excess Payment in March
Replies (7)
Adjustments can be made before september return of next financial year. While filing April month GSTR 3B reduce Turnover & GST . File crct data in GSTR 1 for April
Whether the Excess paid is lying in cash ledger ???
If excess remittance more than GSTR3B it will be reflected in cash ledger. This can be difference between GSTR 3B and GSTR1
Adjustment will be made in the next financial year.
Adjust the excess amount paid with the April month GSTR3B. File your GSTR 1 with correct figures.
You may flie refund under the category of excess payment of tax
as per your query "excess taxable amount & excess tax being paid" means that excess liability being created & paid thereon. so can only adjust by reducing excess reported taxable value by reducing the same in your april gstr 3b.
& if there is no output tax liability in april month then can claim refund for the same by filing RFD 01 "EXCESS PAYMENT OF TAX, IF ANY" (REFER CIRCULAR 137/07/2020 GST)
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