GST Payment of Tax (Grade A)

Summary:

The GST payment system requires maintaining three electronic records: Electronic Liability Register, Electronic Credit Ledger, and Electronic Cash Ledger. The Electronic Liability Register records tax, interest, late fees, and other amounts payable. The Electronic Credit Ledger records input tax credits claimed, and the Electronic Cash Ledger records cash transactions. Payments can be made through a challan in GST PMT-06 by modes such as internet banking, credit/debit card, NEFT, or RTGS, or through the utilization of input tax credit.

Excerpt:

GST Payment of Tax

Payment of Tax

Records are required to be maintained on a common portal.

1. Electronic Liability Register:

It is maintained in form GST PMT-01 and debited by-

i.The amount payable towards tax, interest, late fee, or any other amount payable as per the return furnished.

ii. The amount payable towards tax, interest, late fee, or any other amount payable as determined by the proper officer under some proceedings.

iii. The amount of tax and interest payable as a result of mismatch under sections 42,43 and 50.

iv. An amount of interest accrued from time to time.

• Electronic liability register shall be credited on the discharge of liability either by debiting the electronic credit ledger or electronic cash ledger as the case may be.
• Any discrepancy in the electronic liability register can be reported to the proper officer in GST PMT 04

2. Electronic Credit Ledger:

I. It is maintained in form GST PMT-02 for each registered person eligible for ITC and every claim if ITC is credited to this ledger.

ii. Electronic credit ledger is debited to the extent of discharge of any liability against output tax.

iii. ECL is debited if any refund of unutilized ITC is taken.

iv. Any discrepancy in the electronic credit ledger can be reported to the proper officer in GST PMT-03