Negative Output tax of 2023

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399 Points Joined April 2017
We had negative tax in June 2023 which till date remained to be adjusted against positive output tax in subsequent months. Can this negative tax liability be adjusted in the current period after all these months? What is the time limit to do so?
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On 19 October 2024 at 19:11 Report
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Master in Accounts & high court Advocate
8979 Points Joined December 2011

there is a time limit to do so. As per the GST Act and Rules, a taxpayer can adjust a negative tax liability against positive output tax in the same financial year or in the next financial year, but within a specified time limit.

The time limit is: -

 Within the same financial year: You can adjust the negative tax liability in the same financial year, before filing the annual return (GSTR-9/9A). - Next financial year: You can adjust the negative tax liability in the next financial year, within the time limit prescribed for filing the annual return (GSTR-9/9A) of the subsequent financial year.

 In your case,

 since the negative tax liability arose in June 2023, you can adjust it against positive output tax in: - The same financial year (2023-24): Before filing the annual return (GSTR-9/9A) for 2023-24. - Next financial year (2024-25): Within the time limit prescribed for filing the annual return (GSTR-9/9A) for 2024-25.

Please note that these time limits are subject to change, and you should always check the latest GST laws and regulations.

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On 20 October 2024 at 11:52
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399 Points Joined April 2017
Thank you.
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On 20 October 2024 at 12:19


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