What is DRC-03 in GST?
DRC-03 is a form required by the GST law to be filed for voluntary tax payments made in response to a demand or tax deficiency discovered after the deadline for filing returns for a financial year has passed. This form is covered under CGST Rule 142(2) and (3).17-Dec-2021
Login to the GST Portal with valid credentials. Click the Services > User Services > My Applications option. 2. Select the Intimation of Voluntary Payment - DRC - 03 from the Application Type drop-down list.
What is DRC-03 used for?
Form DRC-03 is used for making a voluntary payment of tax. Voluntary payment can be made either before the issuance of show cause notice or within 30 days of issue of SCN, in case the show cause notice is already issued.
DRC full form in GST is Demand and Recovery Forms. It may happen that certain GST liability was not recorded while filing GST returns.25-Jun-2021
Can DRC-03 be refund?
After scrutinizing the application for completeness and eligibility, if the proper officer is satisfied that the whole or any part of the amount claimed is payable as refund, he shall request the taxpayer, in writing, to debit the said amount from his electronic credit ledger through FORM GST DRC-03.
Can DRC-03 be used for ITC reversal? No, you can not use DRC-03 to reverse the ITC. DRC-03 is a voluntary tax payment form to pay the GST liability voluntarily or in response to a show-cause notice (SCN).09-Apr-2022
How do I check my GST penalty?
Step 1- Login to the GST portal. Step 2- Click on the 'Services' tab > 'Payments' section > 'Challan History' option. Step 3- Search by CPIN or by date. List of challans and payment status gets displayed.12-Jan-2022
For making voluntary payments against tax liabilities (interest, tax or penalties) based on self-assurance one must go to Services > User Services > My Applications > Intimation of Voluntary Payments > Choose Form DRC-03.22-Mar-2022
How do I pay GST penalty?
Rules and Regulations of GST Payment for Taxpayers
One is when the taxpayer makes payment through PMT-06 while filing monthly return GSTR-3B and when the taxpayer has made any mistake of short payment of tax or excess ITC while filing his return then, DRC-03 may be filed for correcting the mistake.20-Jan-2020
What is DRC 04 GST?
Acknowledgment by Tax Official: Upon filing of Form GST DRC-03, the tax officer will issue an Acknowledgement in Form GST DRC-04(Acknowledgement of Acceptance of voluntary payment). There is no bar on making another payment on voluntary basis by a taxpayer, pending issuance of acknowledgement by the tax officer.21-Nov-2020
The Form GST DRC-01 is a summary of a show-cause notice whereas Form GST DRC-01A is an intimation issued before a Show cause notice. If the taxpayer agrees with the contention of the department, then he may pay its liability as per the intimation.24-Apr-2022
What is PRN number in GST?
Payment Reference Number
www.cbec.gov.in As per Section 54(3) of the CGST Act, 2017, a registered person may claim refund of unutilised input tax credit at the end of any tax period. A tax period is the period for which return is required to be furnished. Thus, a taxpayer can claim refund of unutilised ITC on monthly basis.
Who are eligible for GST refund?
Any taxpayer can claim a refund of any tax, interest, penalty, fees or any other amount paid by him by filing an application electronically in FORM GST RFD-01 through the GST Common Portal or through a GST Facilitation Centre.
Step 1: Login to the GST portal, go to 'Services' > 'Refunds' > 'Application for Refund'. Step 2: Select the refund type and choose whether or not to file NIL refund application. Select the refund type as 'Refund on account of ITC accumulated due to inverted tax structure'.12-Jan-2022
What is the time limit for taking ITC?
For all general purpose, the time limit for taking ITC in respect of any invoice is given u/s 16(4) to be earlier of: Due date of filing return for the month of September in the year following the Financial Year to which such credit relates (20th October, unless extended)
It must be noted that the GST portal allows the taxpayer an option to either pay through electronic cash ledger or electronic credit ledger, if balance available at the time of making payment through DRC-03 (including annual return).09-Dec-2020
What is ineligible ITC in Gstr 3b?
ITC Reversed: On inputs / input services / capital goods used for non-business purpose, or partly used for exempt supplies. Also, if the depreciation is claimed on tax component of capital goods, plant and machinery – then the ITC will not be allowed. Such reversals needs to be captured in this table.
1. What happens if I don't file GST returns? If you don't file the GST returns that are required to be filed under the law, then late fees will apply for every day of default that occurs. Further, if there is any tax due, then interest will apply at the rate of 18% per annum on the tax liability.28-Mar-2022
How much is the penalty for late GST?
Late fees for non-annual GST returns If the taxpayer fails to file the GST return on time, then a late fee of Rs. 100 is applicable under the CGST Act and Rs. 100 under SGST Act. Thus, per day a late fee of INR 200 is applicable.09-Nov-2021
What is DRC-03 in GST?