Welcome to our live stream where we will delve into the newly introduced GST Form DRC 01B, an online compliance process designed to address liability differences or discrepancies that may appear in your GSTR-1 and GSTR-3B returns.
The GSTN (Goods and Services Tax Network) has recently developed a functionality on the GST portal that enables taxpayers to explain the differences in their GSTR-1 and 3B returns, as directed by the GST Council. This feature is now live and aims to streamline the compliance process.
During this live session, we will walk you through the functionality and explore how it compares the liability declared in GSTR-1/IFF with the liability paid in GSTR-3B/3BQ for each return period. If the declared liability exceeds the paid liability by a predefined limit or the percentage difference exceeds the configurable threshold, you, as a taxpayer, will receive an intimation in the form of DRC-01B.
We will discuss the steps you need to take upon receiving an intimation, which involve filing a reply in Form DRC-01B Part B. This form allows you to provide clarification by selecting a reason from the automated dropdown menu and providing additional details regarding the discrepancy if not included in the dropdown options.
To assist you further in understanding and navigating this new functionality, a detailed manual has been made available on the GST portal. We will provide you with step-by-step instructions and address various scenarios related to the compliance process.
Join us for this informative live stream as we shed light on the intricacies of GST Form DRC 01B, offer practical insights, and answer your questions. Stay up-to-date with the latest GST updates, learn about tax regulations, and ensure compliance with the new online process.
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