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FORM DRC-03

Deepak .A (14 Points)

29 February 2020

Rate of interest in filing drc-03 ??

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13 Replies

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 29 February 2020

Query is not cleared...

DRC-03 is form for using payments...

Deepak .A (14 Points)
Replied 29 February 2020

The liability that is arised in filing gstr9 , for which I paid through drc-03 and what is rate of interest in such case.

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 29 February 2020

Query is not cleared again...! 😇

Liability means which one...?!

Deepak .A (14 Points)
Replied 29 February 2020

When I avail excess itc and reverse in gstr 9
output not declared in gstr 1
IN SUCH CASES

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 29 February 2020

When I avail excess itc and reverse in gstr 9...?

- Interest @ 24% p.a

output not declared in gstr 1
IN SUCH CASES...?

- Interest @ 18% p.a

Deepak .A (14 Points)
Replied 29 February 2020

Thank you
But do you have any notice or circular just to confirm..!!

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 29 February 2020

Refer sec 49 & 50 of CGST act...

Deepak .A (14 Points)
Replied 29 February 2020

Excess reduction in output tax liability 24%

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 29 February 2020

Can't understand...

Deepak .A (14 Points)
Replied 29 February 2020

As per sec50 (3) Excess reduction in output tax liability 24%
that is the same case I said earlier "output not declared in gstr 1"
That's y I wanna ensure which is correct??!

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 29 February 2020

"output not declared in gstr 1"

- It's for 18%

Deepak .A (14 Points)
Replied 29 February 2020

Okay thank you

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 29 February 2020

You are welcome...

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