What if gst liabilty is negative

335 views
User Avatar

4 Points Posted on 17 December 2020
Sir, i want to know that if gst liability is negative then what steps should be taken, can we claim the refund of gst or not, because positive tax liability is the tax liability for firm.
0 Reply Share Follow
On 17 December 2020 at 19:39 Report
Replies (2)
Quick Summary
If your GST liability is negative, it means your input tax credit (ITC) is greater than your output tax. This negative balance appears under your GST credit. To claim a refund for this excess ITC, you'll need to file a specific refund form, provided you meet the eligibility criteria outlined in the GST Act.

User Avatar

Tax consultant
5895 Points Posted on 17 December 2020
You can claim refund by fill the form
Reply
On 17 December 2020 at 20:18
User Avatar

161 Points Posted on 17 December 2020
Negative liability means input tax credit is more than output tax. it will shown under gst credit (under respective heads of cgst, sgst, igst). you want any refund file refund form if you are eligible under gst act
Reply
On 17 December 2020 at 20:35

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST IDS Refund – Statement 01A: Invoice Not
  2. TDS deposit code & TDS return
  3. AIS VS GST Mismatch- FY 2025-26
  4. Gross total income
  5. Export Compliance
  6. Sale of plots in open land
  7. Income tax query
  8. Best CA Inter coaching in laxmi nagar
  9. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  10. Unregistered Association of Persons (AOP) Agreemen

More recent discussions | Post

Related Topics :

Loading