TaxTMI 
TaxTMI 
Negative GST Liability in GSTR1 and GSTR3B
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....egative GST Liability in GSTR1 and GSTR3B<br> Query (Issue) Started By: - Pravin Talegaonkar Dated:- 17-6-2023 Last Reply Date:- 21-6-2023 Goods and Services Tax - GST<br>Got 7 Replies<br>GST<br>Dear sir, In current month we have Negative liability in GSTR-1 for IGST amount in this case we need your guidance for following points:- 1). Is there is negative liability will be display in GSTR-3B in ....
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....table 6 and same will be adjusted in next month IGST Liability. 2). Shall ITC of IGST will be adjusted CGST and SGST Tax Liability, since there is negative balance in IGST Liability. Regards Pravin Talegaonkar display the to same in GSTR-3B. The negative liability will display in Table 6. Reply By Padmanathan Kollengode: The Reply: Kindly clarify how you have got "negative liability&quo....
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....t;. Is it because you have issued credit notes in the current month? Reply By Ganeshan Kalyani: The Reply: In my view, the negative liability will not populate in GSTR-3B. The same to be maintained in your books till the time its turns out to positive. Till then declare the liability as 0 in IGST. Reply By Shilpi Jain: The Reply: Ensure you disclose the credit note in GSTR-1 and adjust the lia....
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....bility in GSTR-3B as and when IGST liability arises. Though presently it is allowed to put neagtive figures in the ITC table in GSTR-3B, same is not enabled for liability fields. Reply By Shilpi Jain: The Reply: Also in case you are seeing that in near future there is no possibility of having any IGST liability which can be adjusted against this credit note, you can apply for refund. Reply By ....
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....Pravin Talegaonkar: The Reply: Dear All, The Negative liability is around 1.80 lacs and its due to credit note issued during the month and month of june till date liability around 3.50 lacs. Regards Pravin Talegaonkar Reply By Ravikumar muthusamy: The Reply: you can edit 3B and adjust CGST and SGST liabilities if any with the negative IGST amount and submit letter to jurisdiction Reply B....
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....y Padmanathan Kollengode: The Reply: I agree with views of Shilpi Ma'am.<br> Discussion Forum - Knowledge Sharing ....