TMI BlogPrevious Year omitted inc declared C y GSTR1 and payment there ofX X X X Extracts X X X X X X X X Extracts X X X X ..... One of my client had missed declaring one of the inv of P y 2021-22 which has been included in April 2022 GSTR-1 , the question is whether the payment made in the cash ledger relating to such inv to be adjusted in 3B return of April 2022 or it should be adjusted thru DRC 03 ? Is there any chance that the department may issue a notice in the future that there is a mismatch between GSTR-1 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GSTR 3B . - Reply By KASTURI SETHI - The Reply = Adjustment through GSTR-3B in the month of April, 22 is better option and it is also very safe. Your client has declared the missed invoice on his own. It proves bona fides of your client. Your client should pay interest on his own, it may be even for one day. In this way the possibility of SCN will be ruled out, especially in the event of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no loss of revenue and the benefit of bona fide act. - Reply By Shilpi Jain - The Reply = Agree with Kasturi sir. In case where PY laibilty is to be paid after September then one can look at using DRC-03 - Reply By Hitesh Patel - The Reply = I have a slightly different view on this matter. Recently on the GST portal under Services Returns Tax liabilities and ITC comparison menu, spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ific columns (17 to 21) are added for Payment made, if any through DRC-03 . In making payment through DRC-03 also, we now get a dropdown to select Liability Mismatch - GSTR-1 to GSTR-3B option. In very near future, after the new Rules are notified for the proposed section 38(2)(b) the portal seem to be considering Financial Year wise checking of liability declared under GSTR-1 vis-a-v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is liability paid in GSTR-3B . Any excess payment made through next financial year's GSTR-3B will not be considered (it should, however that is not the point of discussion here) in Tax liabilities and ITC comparison menu which is going to be used pre-dominantly for the purposes of proposed section 38(2)(b) . Hence, it is not advisable to declare a particular financial year's liabilitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s through GSTR-3B of the next financial year. Had it been the case where you had to declare this missed invoice within the same financial year (but different tax period) it would be ideal to declare it in any subsequent tax period's GSTR-3B (within the same financial year). Also consider interest u/s. 50(1) which would apply on gross basis (irrespective of liability to be adjusted with I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TC/cash ledger) while declaring these liabilities either through DRC-03 / GSTR-3B . Hope this helps you in making an informed decision. - Previous Year omitted inc declared C y GSTR1 and payment there of - Query Started By: - V Rajalakshmi Dated:- 7-5-2022 Goods and Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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
|
