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ITC-03 Non compliance consequences
A person was paying tax under regular provision of the act from july 2017 to Sept 2017. He switched to composition scheme from 1st Oct 2018 onwards. For FY 18-19 and 19-20 also he has opted for composition scheme. However it is now found that ITC-03 was not filed in Oct 2017. What could be the consequences and any remedies available?
Replies (7)
In my view
or Prepare the ITC reversal in sheet on the same & report it Under Annual return under Table 7 (H) & Deposit the same by filing Drc 03 via Annual rerurn
or Prepare the ITC reversal in sheet on the same & report it Under Annual return under Table 7 (H) & Deposit the same by filing Drc 03 via Annual rerurn
ITC Reversal Sheet means , the ITC to be reverse by you as per section 18(4) but you fail to do so (could not file ITC 03)
Note : deposit with interest @ 24%
Dear pankaj, If i report via GSTR 9A/9 and pay via DRC challan i will not be able to utilize ITC in my credit ledger. The original ITC-03 can be paid by both Electronic credit ledger as well as cash right?
Dear Padmanathan ;
Drc 03 filed via GSTR 9 , accepts setoff only from cash ledger hence have to deposit the same first.
Note : DRC 03 via annual return cannot be setoff against Credit ledger
Drc 03 filed via GSTR 9 , accepts setoff only from cash ledger hence have to deposit the same first.
Note : DRC 03 via annual return cannot be setoff against Credit ledger
Kindly refer Notification 74/2018 CT , instructions 9, after format of GSTR 9
"FORM DRC-03. It may be noted that such liability can be paid through
electronic cash ledger only."
Thanks pankaj
You are alway welcome .....
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