Composition taxpayers to raise tickets to resolve negative liability issues in CMP-08
1?? GSTN has issued an advisory on 22.07.2021 clarifying the issue faced by taxpayers while submitting form CMP-08 with the solution.
2?? A taxpayer fails to declare any tax liability values in Table 6 of the GSTR-4 (Annual Return) or reports it as ‘zero’ for any of the PY(s). In such cases, it gives rise to a negative liability entry.
3?? Accordingly, any liability paid through CMP-08 statements for such year(s) becomes excess tax paid as appearing in Table 5 of GSTR-4. Therefore, the negative liability moves to the Negative Liability Statement and shall be automatically utilised or adjusted against the liability of subsequent quarters.
4?? Raise a ticket on the GST Self-service Grievance Redressal Portal.
5?? Another solution is to pay the tax liability through form DRC-03 for all those quarters where it is adjusted with the negative liability to such extent.
Tweet to GSTtech also.
Now your Query--no solutions found, Solution is to repeat above and wait for another advisory from GSTN