5 Key Points about GST Payment

By | October 6, 2016

GST Payment

5 key Points about GST Payment :-

  1. The electronic tax liability register, electronic credit ledger and electronic cash ledger will be maintained on the common portal for every registered person.
  2. The electronic tax liability register shall be debited with amount of tax, interest, late fee, mismatch in credits, etc. It shall be credited with amount paid through electronic cash register or electronic credit register.
  3. The electronic credit ledger of taxpayer will show the details of invoice and amount of credit. It will also show details of credit matchingor mismatching.
  4. The electronic cash ledger shall be credited with the amount deposited and debiting with the payment therefrom towards tax interest, penalty, fee or any other amount.
  5. The final acceptance of input credit will be made available to registered taxable person through Form GST ITC 1 electronically.

Download GST Payment Formats

GST PMT 1, GST PMT 2, GST PMT 3, GST PMT 4, GST PMT 5, GST PMT 6, Electronic Credit Ledger, Electronic Cash Ledger, Electronic Tax Liability Register

Sr No. Form No. Title of the Form
1. Form GST PMT 1 Electronic Tax Liability Register of Taxpayer

(Part–I: Return related liabilities)

Electronic Tax Liability Register of Taxpayer

(Part–II: Other than return related liabilities)

2. Form GST PMT 2 Electronic Credit Ledger
3. Form GST PMT 2A Order for re-credit of the amount to cash or credit ledger
4. Form GST PMT 3 Electronic Cash Ledger
5. Form GST PMT 4 Challan For Deposit of Goods and Services Tax
6. Form GST PMT 5 Payment Register of Temporary IDs/Un-registered Taxpayers
7. Form GST PMT 6 Application For Credit of Missing Payment (CIN not generated)

 

Flow chart GST e-Registers

e-Tax liability, e-Cash Ledger,e-Credit Register

Electronic Credit Ledger, Electronic Cash Ledger, Electronic Tax Liability Register ,GST Registers for Tax Payment ,e-Registers : e-Tax liability, e-Cash Ledger,e-Credit Register

 

What are E-Ledgers under GST?

Ans. Electronic Ledgers or E-Ledgers are statements of cash and input tax credit in respect of each registered taxpayer. In addition, each taxpayer shall also have an electronic tax liability register. Once a taxpayer is registered on Common Portal (GSTN), 2 e-ledgers (Cash & Input Tax Credit) and an electronic tax liability register will be automatically opened and displayed on his dashboard at all times.

What is a tax liability register under GST?

Ans. Tax Liability Register will reflect the total tax liability of a taxpayer (after netting) for the particular month.

Download GST PMT 1 Electronic Tax Liability Register

What is a Cash Ledger under GST?

Ans. The cash ledger will reflect all deposits made in cash, and TDS/TCS made on account of the taxpayer. The information will be reflected on real time basis. This ledger can be used for making any payment on account of GST.

Download GST PMT 3 Electronic Cash Ledger

What is an ITC Ledger/e-Credit Register under GST?

Ans. Input Tax Credit as self-assessed in monthly returns will be reflected in the ITC Ledger. The credit in this ledger can be used to make payment of TAX ONLY and not other amounts such as interest, penalty, fees etc.

Download GST PMT 2 Electronic Credit Ledger


Download 
GST Draft Payment Rules Released by CBEC

Download GST Draft Payment formats Released by CBEC

Free Education Guide on Goods & Service Tax (GST)


SR No

Topic -GST

Resources

1

Model GST Law

Model GST Law

2

GST Overview

Goods and Services Tax (GST): An Overview

Integrated Goods & Service Tax (IGST) Act Overview

Meaning and Scope of Supply

Time of Supply

Place of Supply of Goods and Service under GST

Valuation in GST

Levy of GST & Exemption from Tax

Job Work under Goods & Service Tax (GST)

Electronic Commerce under Goods & Service Tax (GST)

3

Transition to GST

Transitional Provisions in Goods & Service Tax (GST)

4

Registration

GST Registration FAQ’s

GST Registration Process -Video

GST -Draft Registration Rules

GST -Draft Registration Formats

5

Invoice

GST Draft Invoice Rules released by CBEC

GST Draft Invoice formats Released by CBEC

6

Input Tax Credit

Input Tax Credit under Goods & Service Tax (GST)

Concept of Input Service Distributor in Goods & Service Tax (GST)

7

Payment

GST Payment of Tax

GST Draft Payment Rules Released by CBEC

GST Draft Payment formats Released by CBEC

8

Refunds

Refund under GST

Draft GST Refund Forms released by CBEC

Draft GST Refund Rules released by Govt

9

Returns

Returns Process and matching of Input Tax Credit under GST

Draft GST Return Rules Released by Govt

Draft GST Return Formats released by Govt

10

Assessment and Audit

Assessment and Audit under GST

11

Inspection, Search, Seizure and Arrest

Inspection, Search, Seizure and Arrest under GST

12

Offences, Penalty, Prosecution & Compounding

Offences, Penalty, Prosecution & Compounding in GST

13

Demands and Recovery

Demands and Recovery under GST

14

Appeals and Review

Appeals, Review and Revision in GST

15

Advance Ruling

Advance Ruling in Goods and Service Tax (GST)

16

Settlement Commission

Settlement Commission in Goods and Service Tax (GST)

17

GST Portal

Frontend Business Process on GST Portal

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