Procedure to be followed in case of negative liability in GSTR-4 of Composition Dealers: GSTN Update
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- Last Updated on 26 July, 2021
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GSTN Update | Dated: July 23rd, 2021
GSTN has issued update to provide the solution of negative liability in GSTR-4. Taxpayers who do not fill up table 6 of GSTR-4 i.e. no liability is declared, even though, taxpayer may have paid the liability through Form GST CMP-08; since the ‘Tax payable’ in GSTR-4 is computed after reducing the liability declared in GST CMP-08 and then auto-populated in table 5. Thus, if nothing is declared in table 6, then the negative liability entry appears in GSTR-4.
Now, it has been provided that if table 6 of GSTR-4 has not been filled due to oversight, a ticket may be raised to nullify the amount available in negative liability statement. If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to negative liability statement and the same excess amount can be utilised to pay the liability of future tax periods.
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Thank for this kind of free knowledge share by you. He helped by showing a legal way to resolve my problem I am facing due to omittance in filling up table 6 in GSRT-4