GSTIN enabled facility to report negative figure in GSTR 3b

GSTIN enabled the facility to report a negative figure in GSTR 3b-

Now you can enter a negative figure in GSTR 3b. GSTIN portal has enabled the facility to report the negative figure in GSTR3b. It is a huge relief for the taxpayer. GSTIN doesn’t allow us to edit the GSTR 3b. But any errors can be rectified as per the prescribed manner. Any under-reporting can be reported in coming months. In the case of over-reporting, it is deducted from the data of the coming months. But it was hard to go for proper rectification in every case.

Example: M/s Adjacent reported a sale of Rs. 50 lac in place of Rs. 5 lac for the month of March. Now their monthly sales are in the tune with 2-3 lac only. It will take more than a year to rectify it by reducing the over-reported figure from sales of the coming months. 

But now reporting of the negative figures is allowed. Thus the taxpayer can correct any over-reporting in the next month only.

This was much awaited. Also, the data of GSTR 1 is auto reflecting in GSTR 3b. It will also help in avoiding mistakes. But yes you can change that figure while filing the return.