Negative liability
Ajay jangir (no) (124 Points)
21 July 2021
I have face negative liability while I am filing CMP-08. anyone have solution about this problem?
5 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 21 July 2021
Please elaborate in details
Ajay jangir
(no)
(124 Points)
Replied 21 July 2021
I unable to create challan for cmp 08. negative liability show and adjust with current quarter tax.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 21 July 2021
Dear Ajay
This problem is being faced by every composition dealer who made the mistake in filing their GSTR 4 (Annual return) for Fy 2020-21.
while filing GSTR 4 , for Fy 2020-21 you have Not report the Tax liability in table 6 of GSTR 4 , so the tax deposited for the period (2020-21) will be transferred to Negative Liability Statement.
So those who have not reported the liability in table 6 of GSTR 4 , the liability declare for the year assumed to be NIL & the tax deposited for that year is get transferred to your Negative Liability Statement.
Thus it is adjusting your Qtr liability from Negative Liability Statement.
So it is better to compute your liability manually & generate the cash challan for the same then set-off the liability for Qtr from cash Ledger.
Note :
Those who have filed their CMP08 for current Qtr by adjusting liability from Negative Liability statement ,should pay the tax in Cash Ledger for the Qtr & file DRC 03 to setoff the same.
This problem is being faced by every composition dealer who made the mistake in filing their GSTR 4 (Annual return) for Fy 2020-21.
while filing GSTR 4 , for Fy 2020-21 you have Not report the Tax liability in table 6 of GSTR 4 , so the tax deposited for the period (2020-21) will be transferred to Negative Liability Statement.
So those who have not reported the liability in table 6 of GSTR 4 , the liability declare for the year assumed to be NIL & the tax deposited for that year is get transferred to your Negative Liability Statement.
Thus it is adjusting your Qtr liability from Negative Liability Statement.
So it is better to compute your liability manually & generate the cash challan for the same then set-off the liability for Qtr from cash Ledger.
Note :
Those who have filed their CMP08 for current Qtr by adjusting liability from Negative Liability statement ,should pay the tax in Cash Ledger for the Qtr & file DRC 03 to setoff the same.
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