GST Payment -Analysis of Draft Rules released by Govt of India
- 7 forms from GST PMT-1 to GST PMT-6 released for GST payment of tax.
- The tax payable by every person under GST Law including interest, penalty or any other sum is reflected in “Electronic Tax Liability Register”.
- The basis for amounts payable as per Electronic Tax Liability Register can be on account of self-assessed tax in periodical returns or input tax credit mismatches or tax demands by authorities etc.
- GST Payment of amounts reflected in Electronic Tax Liability Register can be made through the balances in “Electronic Credit Ledger” or “Electronic Cash Ledger”.
- Balance in Electronic Credit Ledger represents the claim of input tax credits made through periodical returns.
- Balance in Electronic Cash Ledger represents the amounts deposited by the taxable person.
- The balances of both ledgers can be used for GST payment of tax and other liabilities reflected in Electronic Tax Liability Register subject to the restrictions as per the GST Law.
- The GST payments are made through debit and corresponding credit entries in Ledgers and Liability Register respectively. A unique transaction number will be assigned by GSTN for each GST payment.
- Different Modes are prescribed for deposit of amount in Cash Ledger including over the counter payments in banks by generating GST payment challan on GSTN.
- Credit or Cash ledger stands has to be debited to the extent of refund claimed as per the provisions of GSTN. The amount would be added back to the respective ledger to the extent of refund rejected.
- All of the above transactions are required to be made through GSTN.
Education Guide on Goods & Service Tax (GST)