Updates on CBIC Dept: Revisions in Table 6.1 of GST Return Form 3B for Adjustments Prior Negative Liability
The Central Board of Indirect Taxes and Customs (CBIC) has made changes to Table 6.1 of the GSTR 3B form for adjustments in negative liability from the previous tax period. This includes adjustments for Reverse Charge and supplies under Section 9(5) of the GST Act and supplies other than Reverse Charge and Section 9(5).
Changes in Table 6.1
The new Table 6.1 replaces the previous one with specific sections for different types of taxpayers. Part ‘A’ is for normal taxpayers while Part ‘B’ is for taxpayers providing supplies under section 9(5) of the GST Act, such as e-commerce operators.
Adjustment of Negative Liability
Previously, the GSTR 3B form only included fields for Description, tax payable, tax paid via ITC, Tax Paid in Cash, Interest Paid in Cash, and Late fee paid in cash. With the new adjustment section, taxpayers can manually adjust negative liabilities against GST liabilities in future returns.
Important Notes
It is important to note that Section 9(5) of the GST Act pertains to services provided by E-commerce operators. The effective date of the amendments is yet to be announced by the government.
Conclusion
The recent revisions in Table 6.1 of the GST Return Form 3B provide clarity and specific guidelines for taxpayers to make adjustments in their liabilities. This update aims to streamline the filing process and ensure accurate reporting of GST obligations.
Keywords: CBIC Dept updates, GST Return Form 3B, Adjustments Prior Negative Liability, Reverse Charge, Section 9(5), GSTR 3B form
#instatips, #socialmediatips, #hashtagstrategy, #instagrammarketing101, #viralcontent, #digitalmarketing, #growyourreach, #engagementboost, #smmstrategies, #instagramsuccess