What is the Full Form of DRC in GST?
The DRC Full Form in GST is the Demand and Recovery Form. The Demand and Recovery Form (DRC-03) allows Indian taxpayers voluntarily address GST liabilities. The form ensures GST compliance and transparency. Investigate DRC-03 and obtain the facts.
Which is DRC-03?
GST portal offers online DRC-03 (https://services.gst.gov.in/services/login). You may record voluntary GST tax payments. This may include taxes, late payment interest, or non-compliance penalties.
When to Use DRC-03
Taxpayers sometimes utilize DRC-03. Any taxpayer who self-assesses and discovers discrepancies in their GST returns may utilize DRC-03 to alert the authorities and pay the unreported tax, interest, and penalties. This proactive approach avoids department-initiated evaluation penalties.
Handling Display Cause Notices:
Taxpayers have 30 days to pay using DRC-03 after receiving a SCN from the tax office. This timely step may lower penalties and prove compliance. Taxpayers may utilize DRC-03 to inform the government and pay taxes to remedy GSTR-1 (sales) and GSTR-3B (purchase) inconsistencies. Follow these steps to submit DRC-03 on the GST website. The GST website needs login credentials. Under “Services” choose “User Services” then “My Applications.” In the “Application Type” drop-down, choose “Intimation of Voluntary Payment – DRC – 03.” File with “NEW APPLICATION”. The form asks for payment cause (voluntary disclosure, response to SCN, reconciliation statement discrepancy), tax period, tax amount payable (tax, interest, and penalty), and payment details.