Form GST PMT –01There are two slightly different formats for a person who is registered and taxable under GST. The Form GST PMT-01 of a registered person has to show the below mentioned details like the GSTIN, Name, trade name if any and would have the major heads and minor heads as explained in the flowchart. Form GST PMT-01 (Part 2) has a similar format to Part 1 but there are a few additional heads and information as mentioned below:
Electronic Liability Register of Registered PersonPart–I: Return related liabilities (To be maintained at the Common Portal) GSTIN Name (Legal): Trade name, if any Tax Period Form GST PMT-01 (Part 2) additional info Demand ID Demand Date: Stay Status: Stayed/Unstayed Act: CGST/SGST/UTGST /IGST/CESS /All
Clarifications Regarding the Format of Form GST PMT-01Form GST PMT-01 would show a person registered under GST the basic details of the tax payment or refund like the date of payment/refund, description of the transaction, reference number provided at the time of payment or application of refund. ITC or netbanking/OTC used for discharging the liability under GST can also be ascertained by the registered person in the electronic liability register. Electronic credit ledger (Form GST PMT-02) or Electronic cash ledger (Form GST PMT-05) used would be mentioned in the Form GST PMT-01. Any amount debited or credited under the different heads like CGST, SGST, UTGST, IGST, Cess would be shown in the form under the different minor heads like tax, interest, penalty, fee, and others.
For Example: Nirvana Industries had a total liability under GST of Rs 10 Lakhs. They discharged Rs 5 lakh by using the ITC available in the electronic credit ledger and Rs 3 lakh using net banking. Nirvana Industries owned and ran aggregating services for the sale of spa products of different manufacturers (including self-products) on which they had to pay the penalty of Rs 50,000 for non-collection of TCS under GST for inter-state sales. Electronic cash ledger (Form GST PMT-02) was used for:
General Heads Sr No: 1 Type of transaction: Credit Ledger used: Electronic credit ledger(Form GST PMT-05) Tax Heads Amount Debited/Credited: Rs 5,00,000 shown under minor head TAX. Balance Payable: Rs 5,00,000 shown under the minor head TAX and Rs 50,000 shown under minor head PENALTY.
- Payment of liability through ITC
General Heads Sr No: 2 Type of transaction: Credit Ledger used: Electronic cash ledger(Form GST PMT-02) Tax Heads Amount Debited/Credited: Rs 3,00,000 shown under the minor head TAX Balance Payable: Rs 2,00,000 shown under the minor head TAX and Rs 50,000 shown under minor head PENALTY
- Payment of liability through OTC/Netbanking/Credit Card/Debit Card
General Heads Sr No: 3 Type of transaction: Credit Ledger used: Electronic cash ledger only( ITC available not allowed to discharge penalty liability) Tax Heads Amount Debited/Credited: Rs 50,000 shown under the minor head PENALTY Balance Payable: Rs 2,00,000 shown under the minor head TAX
- Payment of penalty for non-collection of TCS on inter-state sales
- All liabilities accruing due to return and payments made against such returns will be recorded in this ledger.
- Under the head, ‘Description’, liabilities due to opting for composition, cancellation of registration will also be covered. Such liabilities shall be populated in the liability register of the tax period in which the date of application or order falls, as the case may be.
- The return shall be treated as invalid if the closing balance is positive. The balance shall be worked out by reducing credit (amount paid) from the debit (amount payable).
- Cess means cess levied under Goods and Services Tax (Compensation to States) Act, 2017.