Payment Process under GST of India
- Section 35 of the Model GST Act deals with payment of tax, interest, penalty and other amounts. It provides that every deposit made by internet banking or by using credit/debit cards or NEFT/RTGS or by any other mode, shall be credited to the electronic cash ledger to be maintained in the manner prescribed. Further, the amount of input tax credit as self-assessed in the return shall be credited to electronic credit ledger etc. – See more at: http://taxguru.in/goods-and-service-tax/highlights-draft-gst-rules-formats-approved-gst-council.html#sthash.DQZe1241.dpuf
- 4 Rules for Payment Prescribed- The Draft Payment Rules have 4 Rules viz. Electronic Tax Liability Register, Electronic Credit Ledger, Electronic Cash Ledger and Identification number for each transaction.
- Forms of various electronic register/ledger- The electronic tax liability register shall be maintained in FORM GST PMT-1, the electronic credit ledger in FORM GST PMT-2 and the electronic cash ledger in FORM GST PMT-3.
- Mode of Payment of tax- Tax can be paid either through net banking, credit or debit card, NEFT/RTGS, Over the Counter (“OTC”) [OTC payment only up to Rs. 10,000 per challan per tax period].
- Unique Identification Number (UIN)- A UIN shall be generated at the Common Portal for each debit or credit to the electronic cash or credit ledger. Generation of UIN for every transaction – to be correlated with tax liability register.
- 7 Forms for Payment prescribed -7 Forms for payment has been prescribed (Form GST PMT-1 to Form GST PMT -6 and Form GST PMT-2A), namely-
Education Guide on Goods & Service Tax (GST)