DRC Full Form In GST, What Does DRC Stand For?
What Is The Full Form Of DRC In GST?
DRC full form in GST is Demand And Recovery Forms. DRCs are forms that are used to record the demand for GST by the tax authorities and the recovery of GST from taxpayers. There are in total 28 types of DRCs so far, including DRC-01, DRC-02, and DRC-03.
What Else Should You Know About DRC?
DRC-01 is used to record the demand for GST by the tax authorities. This form is issued when a taxpayer has not paid the GST that they owe, or when they have paid less than the full amount that is due. The tax authorities use this form to demand payment of the outstanding GST from the taxpayer. DRC-02 is used to record the recovery of GST by the tax authorities, in short, it is a summary of the statement. DRC-03 is used to record the adjustment of GST that has been demanded or recovered. This form is used when there is a change in the amount of GST that is owed or has been recovered, such as if the taxpayer disputes the amount of GST that has been demanded or if there is a change in the GST rate.