Section 54 r w r 96A belated realisation - Reg.

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..... We had exported engineering services under LUT and invoiced the client for $25000/- in March 2024. After remitting $15000/- the client expressed inability to settle the balance amount of $10000/-. The same was written off in the books as bad debts and we dutifully remitted GST @18% with appropriate interest u/s. 50 as provided in Rule 96A through DRC-03 challan for the unsettled amount of $10000/- .....

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..... in October 2024. The said client had today wired the balance amount of $10000/- and we have secured the FIRC. The query is, can I claim refund of the amount remitted through DRC-03 or would it be appropriate to avail credit of the same in GSTR-3B in this month's return? Kindly clarify. Thanks - Reply By KALLESHAMURTHY MURTHY - The Reply = Dear Sir, Please check Circular-26/26/2017-GST dated 2 .....

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..... 9th Dec '17 if beneficial for you subject to re-appropriate the amount written off in the books of accounts. In FORM GSTR-3B the differential figures for the past month(s) may be reported on a net basis along with the values for the current month in appropriate tables i.e. Table No. 3.1, 3.2, 4 and 5, as the case may be. However, negative figures cannot be shown in the GSTR3B and the balance a .....

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..... mount if any can be adjusted in the return(s) of subsequent month(s), and if such adjustment is not feasible, the refund can be claimed. Thank you. - Section 54 r w r 96A belated realisation - Reg. - Query Started By: - RaamSrinivasan Kalpathi Dated:- 1-1-2025 Last Replied Date:- 5-1-2025 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an e .....

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..... xpert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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