There are different forms which are to be filled out by a registered person for payment of dues under GST. Certain registers are also to be maintained for the same. These registers are essential for assessment and payment of liability under GST.
Each applicant has to maintain an electronic tax liability register as per the form GST PMT-01 for the tax, interest, penalty, fees liability under GST. The tax liability of the applicant would be debited to his electronic tax liability ledger.
Following amounts are to be debited in the electronic tax liability register of the applicant:
Liability due under the electronic tax liability ledger can be paid by either debiting the electronic credit ledger or the balance available in the electronic cash ledger. Every applicant who is eligible for input tax credit (ITC) under GST has to maintain an electronic credit ledger as per the form GST PMT-02.
Every claim of ITC by the applicant shall be credited to his electronic credit ledger maintained on the common portal. Any refund of ITC claimed by the applicant will be debited from the electronic credit ledger. The proper officer, after assessing the refund application, may reject and furnish an order for re-crediting the amount of refund debited from the electronic credit ledger. The applicant should notify any discrepancy in the electronic credit ledger to the proper officer by filing the form GST PMT-04.
Every applicant who is liable to pay tax, interest, penalty and late fees has to maintain an electronic cash ledger as per the form GST PMT-05 under GST. Applicants need to generate a challan using the form GST PMT-06 having a validity of 15 days and wherein they should enter the details of the amount deposited towards the payment of tax, interest, penalty and late fees. Money could be deposited in the electronic cash ledger through debit card/credit card/ net banking/ OTC. Over the counter exchange (OTC) is only available if the value of the single challan is less than Rs 10,000.
Any amount deducted due to the TDS/TCS/Reverse charge and composition scheme shall be the debited to the electronic cash ledger and credited to the electronic tax liability register accordingly. We will be covering the remaining payment forms and relevant rules in our next article.