What is Form GST DRC-03?

FORM GST DRC-03 is a digital intimation of payment made by the taxpayer voluntarily or made against show cause notice issued by the department or in adherence to section 142(2) and 142(3) of CGST Rules 2017. The tax officer is expected to verify the payment received from the taxpayer and if the amount paid falls short of the amount actually payable, they shall proceed to issue a notice in respect of such amount which falls short of. Accordingly, verification of DRC 03 payment is built in this module. Eligible individuals can view & download the Form GST DRC 03 in PDF format.

---

When a taxpayer is expected to make a payment through Form DRC-03? While making voluntary payment of outstanding liabilities u/s 73 and 74 of the CGST Act. A taxpayer can himself ascertain the tax before issuance of SCN or within 30 days of SCN determination to avoid the struggle of demand and recovery provisions. You cannot make voluntary payment after 30 days of issue of SCN. What are the pre-conditions to make voluntary payment? The pre-conditions to make voluntary payment are: Make voluntary payment before the issue of SCN or If voluntary payment is made after the issue of SCN or statement then 30 days’ time limit should not lapse since SCN is issued. What is the procedure to file DRC-03? There are mainly

GST on Print Media Advertisement

Short Summary

If Only Advertisement Space : 5% GST

If Only Artwork Creative Charges : 18% GST

If composite service : 18% GST on both

---

Now in Detail

---

The Telangana Authority of Advance Ruling (AAR) ruled that Supply of artwork along with advertisement space amounts to supply of

Dear Members and Friends,

---

There is a Problem. Hence this Post.

This is regarding the recently rising Problem of “Vanishing” Vendors, leading to big losses in GST. And this problem is rising .

---

---

The information below is True and is with personal experience by us.

And this message is to help other LMAI members avoid this problem.

---

Vanishing Companies Includes (a) Those whose GST Registration is Struck off by the GST Dept (b) Those who are registered but are not filing GST Returns / filing them improperly

---

Every month, we are coming across cases of GST Audit by Department, and their insistence of GST-2A matching with your GST-3B.

If the difference is substantial, they ask for Detailed GSTR2A matching…. Even if this is not legally compulsory, Even if some High Courts have come in support of the Manufacturer/Trader, that he is not responsible for the mistake of non filing by the Vendor… but yet matter is being hotly debated.

---

The Above “addition” leads to Reversal of GST ITC with Intt @24% and about 15% Penalty

---

Points to Remember

---

Do a Regular Check of which Vendor is “OK” VALID and who is “Struck off” / “Cancelled” .. Every month / Every 3 months

---

Purchase Dept to listen to Taxation Department / Accounting Department / BPO .. and followup with Vendors for GSTR2A in-congruencies ….Every month / Every week

---

Tip of the day

In case you are facing problems in doing this, Finsys can help you do this, Advise is Free for LMAI members and in case you want us to do this on regular basis, then, Professional Support is also available with our 70+ staff including 12 Qualified CA’s and 2 Qualified CS and 20+ Software Engineers ,who can make your life safer from this GST Risk.

 

 

Tax ALERT

Dear all
Next month first week will be largely Holidays, Due to Diwali , Bhai Duj, Vishwakarma Puja, Chat Puja and other festivals across the Country.

---

And last date of TDS and TCS deposit remains 7th of next month. And the interest and penalty for non payment also remains the same.

So, do plan in advance.

---

Question is how you will estimate the TDS when staff will be on leave… and bills will not be passed ?

---

Taking an estimate based on past averages can be a good solution

This can be a method ( as per excel file attached)…that. you might try…

---

Do remember, the TDS return goes for October-Nov-December together in Jan 2022,

so, if you find a variation, that little bit can be deposited later also
but you are saved on other larger risk of non payment and its complications

---

Format for calculation

Estimated TDS -format

Format of Letter to be issued to Customers for GST 2A queries

---

 

---

We all know that GSTR2A reconciliation is very important.

And if the vendor’s Invoice does not reflect properly in Customer’s GSTR2A, then, the customer will not be able to get the GST ITC Credit on the same.

Now, How to protect yourself in this situation ?

How to make the customer aware ? and How to “stop loss” from future claims ?

---

---

Recommended Format of the Letter

Format of Letter to be issued to Customers for GST 2A queries

---

Dear Customer,

As per provision to section 37 (3) of CGST Act, 2017, no rectification of error or omission in respect of details furnished in GSTR-1 shall be allowed after furnishing of the return for the month of September following the end of FY to which such details pertain or furnishing of the Annual Return whichever is earlier.

Given this, any amendment or rectification is required in respect of Outward Supply Invoice issued in FY 2020-21 or Credit Note/ Debit Notes corresponding to Invoices issued in FY 2020-21 amended or rectified before filing of GSTR-1 for the month of September, 2021.

We request you to kindly let us know that any amendment or correction is required by you in relation to on any invoices or credit note/Debit note raised by us. The request for such correction or amendment is taken up till 07th October 2021. Any request received after the 07th October 2021 will not be entertained. We assure you to address your request which are within permitted time under the GST Act.

In case you need any clarification, please feel free to contact us alongwith the copy of invoice.

Please ignore if you do not have any concern about it

Regards

____ ( your company name, address, person name, contact details )

---