TMI BlogUtilization of available balance in E Credit ledger for discharging the tax declared in GSTR-9 through DRC-03X X X X Extracts X X X X X X X X Extracts X X X X ..... sir, Please clarify with the relevant sections or rules or circulars, can a registered person utilize the balance available in the electronic credit ledger to discharge the tax shown in GSTR-9 by filing DRC-03 mention the cause as annual return U/s 73(5). - Reply By KASTURI SETHI - The Reply = Sh. Sravan Pathakoti Ji, See Notification No.74/18-CT dated 31.12.18 Serial No.9 Abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Table No.17 7. 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 shall be paid through electronic cash ledger only. . Notification No.74/18-CT dated 31.12.18 amends Notifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion No.3/2017-Central Tax dated 19-06-2017 and as per latest EXCUS CD of CENTAX LAW PUBLICATION PVT.LTD. this notification has not been further amended. - Reply By Sravan Pathakoti - The Reply = Sir, Thanks for the reply, Can we use the available balance in credit ledger to pay the tax under section 73(5) before issuance of show cause notice by the proper officer. if yes is there any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time limit for it? say like before filing GSTR-9 or like wise. - Reply By KASTURI SETHI - The Reply = Q. Can we use the available balance in credit ledger to pay the tax under section 73(5) before issuance of show cause notice by the proper officer. if yes is there any time limit for it? say like before filing GSTR-9 or like wise. Ans. YES through GSTR 3 B return instead of DRC-03 . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... You are to pay interest in cash on the whole amount of tax to be paid. It is not the question of time limit. You are required to pay tax along with interest at the earliest on your own so as to prove your bona fides. If you delay the payment, you will have to pay interest and invite penalty, if SCN is issued. The department may issue SCN under Section 74 . Filing of GSTR 9 is not t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he dead line. So you are advised to save yourself from interest and penalty. - Reply By Ganeshan Kalyani - The Reply = DRC-03 as such allows to pay tax using cash and credit ledger both, but tax arise out of annual return need to be paid thru cash ledger only. Kasturi Sir's reply is detailed and it clears the air. - Reply By Shilpi Jain - The Reply = Please note that sec 49 on pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of tax does not restrict using credit to pay past liability. So the restriction put by the notification can be challenged. There are cases available which allow payment of pre deposit by credit. So this too should be allowed - Reply By KASTURI SETHI - The Reply = It is not a cake walk to challenge any notification. Govt. has issued notification on some basis. - Reply By Shilpi Jain - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Reply = Agree sir. But in many cases now-a-days we see that the asseessees do challenge. One classic example is that of RCM on ocean freight!! Also, in case the assessee has other alternatives to solve his issue, a challenge to the notifications would not be adviced. - Utilization of available balance in E Credit ledger for discharging the tax declared in GSTR-9 through DRC-03 - Query Start ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed By: - Sravan Pathakoti Dated:- 29-6-2021 Goods and Services Tax - GST - Got 7 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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