Form DRC-03 in a detail
Surender Kumar / 2020-01-31 05:53:14

Form DRC-03 in a detail

Under the CGST Act, the form DRC-03 was issued for voluntary payment to be made by a taxpayer. Here are all the details to be known for the same.

What is DRC-03?

1- DRC-03 is a payment form as per CGST Act for payment to be done on voluntary basis by a taxpayer which can be done
2- Either raising liability voluntarily i.e. paying by self-assessment of liability or 
3- In case show cause notice (SCN) is issued by the Department.

What is the period of filing of this form?

The voluntary payment can be done

a)  Before the issue of notice under section 73 & 74 of CGST Act or

b) Within 30 days of issue of Show Cause Notice by the department
·      Is there any pre-requisites conditions of payment?

The pre-conditions to make voluntary payment are:

In case SCN is issued, can partial payment be made?

Since the payment is online, the portal does not permit partial payment once the SCN is issued.
It can be saved at any stage for a maximum time of 15 days. If the not filed within 15 days, the saved draft will be removed from the GST database.

To view the saved application, follow the steps 

 Services > User Services > My Saved Applications option.

How can the cash payments be reported in the GST returns?

The Cash payments are made using Electronic cash ledger which is a type of e-wallet. 
These payments should be made from

a)   Either the Input Tax Credit(ITC) which is present in the Electronic Credit Ledger or
b)  By using the cash balance in Electronic Cash Ledger.
c)   Until and unless the balance runs out in above cases, payments are not made in cash.

 If you need any further help regarding GST registration online, or new GST return filing feel free to contact us 8766393412.

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