Gyanendra Singh (45 Points)
19 August 2024
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5146 Points)
Replied 20 August 2024
DRC-07 is a notice issued by the GST department regarding non-claimed Input Tax Credit (ITC). Here's what it typically means: - DRC stands for "Demand and Recovery Circular" - 07 refers to the specific code for non-claimed ITC The notice is usually issued when the GST department identifies a discrepancy in the ITC claimed by a taxpayer. In this case, it seems that the taxpayer has not claimed the eligible ITC, and the department is notifying them to pay the due tax amount. To address this, the taxpayer should: 1. Verify the ITC eligibility and calculation 2. Check for any errors or omissions in the GSTR-3B or GSTR-1 returns 3. File a revised return (GSTR-3B) to claim the eligible ITC 4. Pay the due tax amount (if any) and interest 5. Respond to the notice within the specified timeframe (usually 30 days) It's essential to address the notice promptly to avoid any further action, such as penalties or prosecution. Consulting a GST expert or chartered accountant can help ensure accurate compliance and resolution.
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13706 Points)
Replied 20 August 2024
grounds DRC-07 ke according le sakte hai usme jo bhi officer ki findings and allegation hai. grounds of appeal zyada detail me hone ki zarurat nahi, 1 or 2 lines are sufficient.
CAclubindia
