DRC-03 is a form used for the payment of self-assessed tax liability by the taxpayer, as per Section 75 of the Central Goods and Services Tax (CGST) Act, 2017. This form is used in cases where the taxpayer has made an error in the self-assessment of tax liability in any of their GST returns and wants to correct it by making a payment of additional tax or reducing the amount of tax paid earlier. Here's how to file DRC-03:
Log in to GST Portal: The taxpayer must log in to the GST portal using their valid credentials.
Navigate to DRC-03 Form: The taxpayer must navigate to the DRC-03 form under the Services tab on the GST portal.
Enter Details: The taxpayer must enter the correct details in the DRC-03 form, such as the GSTIN, name of the taxpayer, type of taxpayer, address, details of the error in the self-assessment, additional tax payable, interest payable, and penalty, if any.
Upload Documents: The taxpayer must upload the relevant documents, such as the proof of payment of additional tax or reduction in tax paid earlier, as applicable.
Submit Form: After verifying the details entered and documents uploaded, the taxpayer must submit the DRC-03 form on the GST portal.
Payment of Tax: The taxpayer must make the payment of additional tax, interest, or penalty, if any, through the GST portal using the relevant payment mode.
Acknowledgement: After the successful payment of tax liability, the taxpayer will receive an acknowledgement of the DRC-03 form filed and payment made.
It is important to note that the taxpayer must file the DRC-03 form within 3 months from the date of discovery of the error in the self-assessment of tax liability. Failure to do so may result in penalty and interest charges. Therefore, it is advisable to seek professional help if necessary to ensure compliance with GST regulations.