TMI BlogGSTR 9 AND 9C - BLOCKED CREDIT OR WRONG CREDIT ADJUSTMENTX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, If any blocked credit/wrongly availed credit found out while filing GSTR - 9 9C to be reversed. Shall we reverse the blocked credit/wrongly availed amount in Electronic Credit Ledger through DRC-03 and interest for the wrong credited amount by Cash ???? - Reply By KASTURI SETHI - The Reply = Payment of tax through Electronic Credit Ledger via DRC-03 is allowed and int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest in cash through Electronic Cash Ledger. - Reply By Mahadev R - The Reply = According to the instructions of GSTR-9 and GSTR-9C , payment to be made though cash only. ITC can be utilsed for payment of self assessed tax in return as per Section 41(2) - Reply By KASTURI SETHI - The Reply = I agree with Sh.Mahadev R Ji. Notification No.74/2018 dated 31.12.18 (Serial No.) says that p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment is to be made in cash through DRC 03 . which is as follows: 9. Towards the end of the return, taxpayers shall be given an option to pay any additional liability declared in this form, through FORM DRC-03 . Taxpayers shall select Annual Return in the drop down provided in FORM DRC-03 . It may be noted that such liability can be paid through electronic cash ledger only. As per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 41 (2) of CGST Act ITC is to be utilized only for payment of self-assessed output tax as per return. Self-assessed means/implies without (or before) issuance of SCN under Section 73 0r 74 . So if an assessee detects short-payment before filing GSTR 9 and 9C and makes the payment of such tax through ITC via DRC-03 that will fall under self-assessed output tax and it will c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onform to Section 41 (2) of CGST Act . Thus Central Goods and Services Tax (Fourteenth Amendment) Rules, 2018 inserted vide Notification No.74/2018 dated 31.12.18 are not in consonance with Section 41(2) of CGST Act . Hence Section 41 (2) of CGST Act will prevail over CGST (Fourteen Amendment) Rules, 2018. In this scenario, payment of tax through ITC via DRC-03 is legally valid. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - GSTR 9 AND 9C - BLOCKED CREDIT OR WRONG CREDIT ADJUSTMENT - Query Started By: - SAFETAB LIFESCIENCE Dated:- 6-2-2020 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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