The Goods and Service Tax Network on 8th July 2022, has nullified the negative balance in the cash ledger of the composition taxpayer. Due to the reversal of amount in the cash ledger of some composition taxpayers, the balance in the cash ledgers had become negative, therefore the government has decided to nullify the negative balance.
A negative Liability Statement is a report available on the GST portal that shows any negative summary in Form CMP-08 for the present quarter that will be carried forward to the next quarter for adjustment against the next quarter’s liability.
