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TMI BlogSection 54 r w r 96A belated realisation - Reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 54 r w r 96A belated realisation - Reg. X X X X Extracts X X X X X X X X Extracts X X X X ..... 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/- 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 29th 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 GSTR-3B and the balance amount 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. Reply By KASTURI SETHI: The Reply: In thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s scenario, claiming refund of tax paid through DRC-03 is better, easier and safer than availing ITC in GSTR-3B return. The revised entry in the books of account is no problem. Reply By KALLESHAMURTHY MURTHY: The Reply: Dear Sir, It is the most welcome suggestion in Sl. No.2 of Sri Kasturi Sethi Sir. Reply By KASTURI SETHI: The Reply: Sh.Kailashamurthy Murthy Ji, Sir, Thank you very much. Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply By Shilpi Jain: The Reply: Refund is an option. However, also go through circular 26/2017 - you could consider it to adjust against other tax liabilities and make an intimation to the department. This would be an easier and less time and resources consuming process. Reply By RaamSrinivasan Kalpathi: The Reply: Profuse thanks to all the experts. Discussion and suggestion points were enlighte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning. Pranams X X X X Extracts X X X X X X X X Extracts X X X X
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