How do you set off liability in GST return?

IGST Credit has to be first utilised for paying IGST liability and remaining for CGST liability and thereafter SGST liability; SGST credit has to be first used for paying SGST liability and then IGST liability; CGST Credit has to be first used for CGST liability and the remaining for IGST Liability; SGST credit cannot …

Can GST return be revised after filing?

GST returns cannot be revised in the present filing system. The mistake made in a return can be rectified in the subsequent return when such mistake comes into notice.

What are the penalties under GST?

An offender not paying tax or making short payments must pay a penalty of 10\% of the tax amount due subject to a minimum of Rs. 10,000. Consider — in case tax has not been paid or a short payment is made, a minimum penalty of Rs 10,000 has to be paid. The maximum penalty is 10\% of the tax unpaid.

What happens if Gstr 1 is not filed on due date?

Late Fees and Penalty. As per the GST law, a late fee for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per the CGST Act and Rs.

What happens if too much ITC claimed in Gstr 3B?

Re-claim of ITC Any interest paid earlier on excess claim of ITC will be refunded by crediting the amount to the recipient’s Electronic Cash Ledger. In case of duplication of ITC claim, no refund will be allowed as it is a contravention of the GST provisions.

Is penalty liable to GST?

What happens if tax liability is not reported in gstr-1?

If such liability was not reported in FORM GSTR-1 of the month/quarter concerned, then such liability may be declared in the subsequent month’s/quarter’s FORM GSTR-1 in which payment was made. (The tax liability along with interest considered in GSTR 3B can be reconciled with GSTR 1 data). 2. Over-reporting of Liabilities

What is the late fee for filing GST return in gstr-3b?

The late fee will depend upon the number of days of delay from the due date. GST return in GSTR-3B is filed on 23rd January 2021, 3 days after the prescribed due date i.e 20th January 2021. The late fees will be calculated for three days and it should be deposited in cash.

What are the negative entries in the gstr-3b?

It may be noted that while making adjustment in the output tax liability or input tax credit, there can be no negative entries in the FORM GSTR-3B. Where the liability was over reported in the month’s / quarter’s FORM GSTR-1 also, then such liability may be amended through amendments under Table 9 of FORM GSTR-1. 3. Wrong-reporting of Liabilities

Can I make changes in gstr 1 after submission of gstr1?

But after submission of GSTR 1, it is not allowed to make changes in filed/ submitted GSTR 1 as well as there is no concept of revised GSTR 1 under GST return process. So in such cases, the invoices which you missed out in current GSTR 1, need to be considered in your upcoming filing of GSTR 1.

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