Thank you for your response
1 click autofill GSTR-3B with G1 and 2B data
Download 2B data for multiple months in < 2mins
GSTR-2B vs purchase matching in under 1 min
Save upto 7% in taxes
Claim 100% ITC and save ~4% GST
3x faster experience
Save 2 man days every GSTIN month
Easy to connect
Connect with 100s of ERP's, import data error-free
Current GST return filing requires that every month, once GSTR-1 is filed to report Sales, one must file GSTR-3B to report the ITC and make necessary GST Payment. Also if a refund is required to be claimed the same can be done by filing relevant refund related forms.
1st May 2021
Where the time limit to pass orders for rejecting any refund claim fully or partly falls between 15th April 2021 and 30th May 2021, it is extended. The extended time limit shall be later of two dates:
(1) 15 days after reply to notice OR
(2) 31st May 2021
Under GST the tax to be paid is mainly divided into 3 –
|Goods sold from Delhi to Bombay||NO||NO||YES|
|Goods sold within Bombay||YES||YES||NO|
|Goods sold from Bombay to Pune||YES||YES||NO|
Apart from the above payments a dealer is required to make these payments –
For example – A government agency gives a road laying contract to a builder. The contract value is Rs 10 lakh. When the government agency makes payment to the builder TDS @ 1% (which amounts to Rs 10,000) will be deducted and balance amount will be paid.
This provision is currently relaxed and will not be applicable to notified by the government.
Usually, the Input Tax Credit should be reduced from Outward Tax Liability to calculate the total GST payment to be made.
TDS/TCS will be reduced from the total GST to arrive at the net payable figure. Interest & late fees (if any) will be added to arrive at the final amount.
Also, ITC cannot be claimed on interest and late fees. Both Interest and late fees are required to be paid in cash. The way the calculation is to be done is different for different types of dealers –
Regular Dealer A regular dealer is liable to pay GST on the outward supplies made and can also claim Input Tax Credit (ITC) on the purchases made by him. The GST payable by a regular dealer is the difference between the outward tax liability and the ITC.
Composition Dealer The GST payment for a composition dealer is comparatively simpler. A dealer who has opted for composition scheme has to pay a fixed percentage of GST on the total outward supplies made. GST is to be paid based on the type of business of a composition dealer.
These dealers are required to make GST payment –
GST payment is to be made when the GSTR 3 is filed i.e by 20th of the next month.
These ledgers are maintained on the electronically on GST Portal.
GST payment can be made in 2 ways
Payment through Credit Ledger
The credit of ITC can be taken by dealers for GST payment. The credit can be taken only for payment of Tax. Interest, penalty and late fees cannot be paid by utilizing ITC.
Payment through Cash Ledger
GST payment can be made online or offline. The challan has to be generated on GST Portal for both online and offline GST payment. Where tax liability is more than Rs 10,000, it is mandatory to pay taxes Online.
If GST is short paid, unpaid or paid late interest at a rate of 18% is required to be paid by the dealer. Also, a penalty to be paid. The penalty is higher of Rs. 10,000 or 10% of the tax short paid or unpaid.
Usually when the GST paid is more than the GST liability a situation of claiming GST refund arises. Under GST the process of claiming a refund is standardized to avoid confusion. The process is online and time limits have also been set for the same.
There are many cases where refund can be claimed. Here are some of them – Excess payment of tax is made due to mistake or omission.
Let’s take a simple case of excess tax payment made. Mr. B’s GST liability for the month of September is Rs 50000. But due to mistake, Mr. B made a GST payment of Rs 5 lakh. Now Mr. B has made an excess GST payment of Rs 4.5 lakh which can be claimed as a refund by him. The time limit for claiming the refund is 2 years from the date of payment.
The time limit for claiming a refund is 2 years from relevant date. The relevant date is different in every case. Here are the relevant dates for some cases –
|Reason for claiming GST Refund||Relevant Date|
|Excess payment of GST||Date of payment|
|Export or deemed export of goods or services||Date of despatch/loading/passing the frontier|
|ITC accumulates as output is tax exempt or nil-rated||Last date of financial year to which the credit belongs|
|Finalisation of provisional assessment||Date on which tax is adjusted|
Also if refund is paid with delay an interest of 24% p.a. is payable by the government.
The refund application has to be made in Form RFD 01 within 2 years from relevant date. The form should also be certified by a Chartered Accountant. You can file your returns very easily using ClearTax GST Software.
Sign-up now and try it yourself.