What is the Full Form of DRC in GST?
DRC full form in GST is Demand and Recovery Forms. For voluntary tax payments for demands or tax shortfalls discovered later after the deadline for filing returns for a financial year has passed, a DRC form is required to be completed under the GST law. DRC forms are among the many forms under GST that are linked to demands and recovery actions. A few DRC forms, such as DRC-03, DRC-01, DRC-01A, and others, are already in use, but most of the forms are still in development and won’t be used for some time.
There have been 28 DRC Forms submitted to date in accordance with the terms of the Central Goods & Service Tax Act, 2017 (subsequently referred to as the Act) and Central Goods & Service Tax Rules, of the year 2017 (subsequently referred to as the Rules). According to Sections 73(7) and 74(7), the tax department will examine the received contribution, and if the sum is less than the real amount due, a notice will be sent outlining the shortfall. FORM The DRC-01 is a synopsis of the taxpayer’s digitally received show-cause notice. On the common site, a taxpayer may pay toward DRC 01 by utilizing DRC 3. Since the tax is already specified in DRC 01, the system makes the confirmation of interest charged in such DRC 03s.