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The GST portal now allows negative tax liability in GSTR-3B in cases where credit notes are issued. However, the manner of utilisation needs to be clearly understood to avoid errors. 🔍 What does this mean? When credit notes are issued in a tax period and their value exceeds the outward tax liability of that period, the system permits reporting of negative liability in GSTR-3B. ⚠️ Key restriction: 👉 Such negative liability cannot be claimed as refund 👉 It can be adjusted only against future output tax liability 👉 Adjustment is allowed only under the same tax head (IGST / CGST / SGST) ⸻ 📘 Illustration Assume the following for IGST: • Output IGST liability for April: ₹50,000 • Credit notes issued (IGST): ₹80,000 ➡️ Net IGST liability in GSTR-3B: ₹(30,000) (negative) 🔹 This ₹30,000 will not be refunded 🔹 It will be carried forward automatically 🔹 It can be adjusted only against future IGST liability Now, if in May, IGST payable is ₹70,000: ✔️ Adjust negative IGST of ₹30,000 ✔️ Net IGST payable in May: ₹40,000 🚫 The ₹30,000 cannot be used against CGST or SGST 🚫 Refund claim is not permitted This change brings flexibility but requires careful return planning and reconciliation. hashtag#GSTR3B hashtag#CreditNotes hashtag#GSTReturns hashtag#CAUpdates hashtag#IndirectTax hashtag#GSTCompliance hashtag#ICAI hashtag#GSTcouncil hashtag#Consultancy hashtag#GAMP hashtag#Startupindia
The Directorate General of Foreign Trade (DGFT) has rolled out multiple initiatives aimed at strengthening MSME exports, improving access to finance, easing compliance burdens, and enhancing global competitiveness. 🔹 1. Interest Subvention on Export Credit • 2.75% interest subvention on pre-shipment and post-shipment export credit • Coverage extended to export factoring (recourse & non-recourse) • Designed to improve liquidity and working capital access for MSME exporters 🔹 2. TRACE Scheme – Compliance & Quality Enablement • Support for testing, certification, inspection, audits and accreditation • Partial reimbursement of costs incurred to meet international quality standards • Helps MSMEs overcome non-tariff barriers in global markets 🔹 3. Export Promotion Mission (EPM) Interventions • Logistics & freight support to reduce export cost disadvantages • Assistance for overseas warehousing and supply-chain enablement • Enhanced trade intelligence and facilitation for informed export decisions ⸻ 📌 Why this matters for MSMEs: ✔ Reduced cost of export finance ✔ Better compliance readiness for global buyers ✔ Improved competitiveness and market access 💡 MSMEs holding a valid IEC and Udyam Registration should actively evaluate eligibility and timely utilisation of these DGFT benefits to strengthen their export operations.
We are expanding our Delhi Office and inviting motivated professionals to join our growing practice. 🔹 Open Positions 1️⃣ Freshers – Accounting & GST Compliance ✔️ Interest in accounting, bookkeeping, and GST return filings ✔️ Willingness to learn practical compliance work ✔️ Exposure to real-time client assignments 2️⃣ Article Assistants – Audit & Assurance ✔️ Both Groups of CA Intermediate cleared ✔️ Keen interest in statutory audit, tax audit, and assurance services ✔️ Hands-on exposure under experienced professionals 📍 Location Reporting Office: New Delhi
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