GST Portal Update: Amendment to Rule 61(5) – Adjustment of Negative Liability in GSTR-3B

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Breaking News: The GST Portal has announced the implementation of an important amendment to Rule 61(5), which allows for the adjustment of negative liability from previous tax periods in Form GSTR-3B. This amendment became effective from September 2024, following Notification No. 12/2024 – Central Tax, dated 10th July 2024 as below

And now its live on GST Portal:

Also Negative Liability statement ledgers are now added in Ledgers

Key Highlights of the Amendment to Rule 61(5):

Adjustment of Negative Liability:
- Taxpayers can now adjust negative liability from previous tax periods directly in Form GSTR-3B.
- Negative liability arises when there is excess tax paid or credits claimed in earlier periods, and this amendment ensures that it can be seamlessly offset in future returns.
Impact on Filing:
- This change simplifies the filing process for taxpayers with past negative liabilities, enabling them to use these amounts as offsets in subsequent periods without having to request refunds or make manual adjustments.
Effective Date:
- The amendment took effect from September 2024, as notified in Notification No. 12/2024 issued by the CBIC.