V Hajib (Registered Insolvency Professional Registered Independent Director with MCA) (54 Points)
21 March 2019A standalone hotel in F/Y 17-18 paid 1% of turnover as tax under composition scheme.
Now that the person has suo motto discovered the error wishes to rectify the error and pay the balance + interest for delayed payment u/s 50 CGST Act.
Annual return for 17-18 can be filed upto 30 Jun 19.Kindly advice how to rectify the mistake as portal has not seen any error and accepted 1% tax and shows no error message.
IF step by step procedure to rectify the error can be suggested.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 21 March 2019
V Hajib
(Registered Insolvency Professional Registered Independent Director with MCA)
(54 Points)
Replied 22 March 2019
No.
Sales figures are same.
By mistake the consultant adviced to pay 1% tax and now the hotel owner has realised he had to pay 5% on quarterly turnover.
Now how to pay for 17-18.
For F/Y 18-19 he is paying 5% tax.
Annual return for 17-18 is pending for filing presently.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 22 March 2019
Report the figures in annual return as per books hence show cgst/sgst tax liability as per gst 5% annual return (which you have corrected in books also)
The tax liability can setoff by filing DRC03 when you compute tax liabilities & efiled the annual return
V Hajib
(Registered Insolvency Professional Registered Independent Director with MCA)
(54 Points)
Replied 23 March 2019
WHY DRC 03?
No SC notice received so far.
I have amended the AR for 17-18 and am paying the difference in tax from PMT 05 which has adequate balance presently.
CAclubindia
