DRC-03
Definition
The form used to make a voluntary or prompted payment of GST — for example to settle a shortfall found during reconciliation, pay interest, or respond to a notice — outside the normal return. It records the payment and the reason against the taxpayer's ledger.
Related Terms in India GST
Electronic Cash Ledger
The online ledger on the GST portal that holds money a taxpayer has deposited to meet tax, interest, penalty and fee liabilities. Amounts move into it when challans are paid and out of it when liabilities are set off.
Electronic Credit Ledger
The online ledger on the GST portal that records a taxpayer's available input tax credit. Credit flows in from eligible purchases and is used to set off output tax liability, subject to the rules on the order of utilisation.
Electronic Liability Ledger
The GST portal ledger that records all tax, interest, penalty and other amounts a taxpayer owes for a period, and shows how those liabilities have been discharged from the cash and credit ledgers.
GST Compensation Cess
A cess levied on certain goods such as tobacco, aerated drinks and some motor vehicles, over and above the normal GST. It funds compensation to states for revenue shortfalls and has its own credit rules — cess credit can only be used against cess liability.
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