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Clarification on format of form GST PMT-01 and the particulars regarding the payment of tax, interest etc mentioned under the electronic liability register.
This is the first article in a series clarifying questions on the format of the different forms required to be filed for payment under GST.
First, we will cover the electronic liability register of a person registered and taxable under GST. This information is filed through the form GST PMT-01 which is divided into two parts. Form GST PMT-01 (Part 1) shows the liability of the registered person for return filing. All liabilities other than those that are return related, are covered in the Form GST PMT-01 (Part 2).
There 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:
Part–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
Form 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.
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:
Payment of liability through ITC
General HeadsSr No: 1 Type of transaction: CreditLedger used: Electronic credit ledger(Form GST PMT-05) Tax HeadsAmount 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 OTC/Netbanking/Credit Card/Debit Card
General HeadsSr No: 2Type of transaction: Credit Ledger used: Electronic cash ledger(Form GST PMT-02)Tax HeadsAmount Debited/Credited: Rs 3,00,000 shown under the minor head TAXBalance Payable: Rs 2,00,000 shown under the minor head TAX and Rs 50,000 shown under minor head PENALTY
Payment of penalty for non-collection of TCS on inter-state sales
General HeadsSr No: 3Type of transaction: CreditLedger used: Electronic cash ledger only( ITC available not allowed to discharge penalty liability)Tax HeadsAmount Debited/Credited: Rs 50,000 shown under the minor head PENALTYBalance Payable: Rs 2,00,000 shown under the minor head TAX
We will cover the other payment forms in further articles.