Goods and Services Tax How to Handling negative IGST liability under the GST System in India

How to Handling negative IGST liability under the GST System in India

How to Handling negative IGST liability under the GST System in India

How to Handling negative IGST liability under the GST System in India

the mechanism for handling negative IGST (Integrated Goods and Services Tax) liability under the GST (Goods and Services Tax) system in India. When the tax amount of credit notes (CGST+SGST/IGST) exceeds the tax amount of outward supplies (CGST+SGST/IGST), resulting in a negative liability, the GST Portal maintains this in a Negative Liability Statement.

How to adjust this negative GST liability:

Automatic Adjustment: The balance in the Negative Liability Statement will be automatically adjusted against the liability of subsequent tax periods. This means that any excess credit from previous periods will be utilized to offset future tax liabilities.

By managing negative liabilities in this way, the GST system aims to ensure that businesses maintain compliance while also streamlining the tax process.

Step-by-step guide to viewing the Negative Liability Statement on the GST Portal:

  • you needed to Log in to the GST Portal using your valid credentials.
  • Next step after logging in, locate the "Services" tab on the portal's dashboard. Click on it to reveal a dropdown menu.
  • From the dropdown menu, click on "Ledgers." This should open up a submenu.
  • Within the submenu, look for and click on the "Negative Liability Statement" option. This action should direct you to a new page or section specifically for managing negative liabilities.
  • Once you're in the Negative Liability Statement section, you'll likely find options to specify the period for which you want to view the statement. Use the calendar provided to select the "From" and "To" dates that correspond to the period you're interested in.
  • After selecting the appropriate date range, there should be a "SEARCH" button or a similar option. Click on it to initiate the search process.

Following these steps should allow you to access and review the Negative Liability Statement on the GST Portal, providing you with insights into any negative liabilities and their corresponding adjustments.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

Share This Post

Related Articles

Related Videos


Types of GST Returns: What is GST Return? | All GST Returns | Types of GST Returns and Due Dates

Types of GST Returns: What is GST Return? | All GST Returns | Types of GST Returns and Due Dates

 

Published On: Nov 09, 2021 | By: RJA


E-Invoicing Under GST? | E-INVOICING ? | All About GST E-Invoice

E-Invoicing Under GST? | E-INVOICING? | All About GST E-Invoice

Published On: Nov 12, 2021 | By: RJA

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Private Limited Company

Popular Categories

Browse Blogs

Recent Posts

Myths about Chartered Accountants Examination Preparation

Myths about Chartered Accountants Examination Preparation

India Should Implement 2% Wealth Tax & 33% Inheritance Tax to Tackle Rising Inequality

India Should Implement 2% Wealth Tax & 33% Inheritance Tax to Tackle Rising Inequality

Documents Required to Apply for NRI PAN Card

Documents Required to Apply for NRI PAN Card

Is Linking Aadhaar with PAN for NRI's?

Is Linking Aadhaar with PAN for NRI's?

Taxation Aspect of a Hindu Undivided Family (HUF)

Taxation Aspect of a Hindu Undivided Family (HUF)

Connect with a RJA Advisor

Fields marked with an * are required

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Get In Touch--

Rajput Jain & Associates

Add: P-60, Connaught Circus, Connaught Place, New Delhi-110001

Email: singh@carajput.com

Phone: 9555555480

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates. All Rights Reserved | Sitemap

Call Email