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In our previous post, we discussed the new concept of Electronic Tax Liability Register which has been introduced by the Goods and Services Tax Law and accounting adjustments for such liability payments. Continuing our discussion further, here we are introducing two more concepts that are the brainchild of our government toward a consolidated digital economy. These are:
Update as on 22nd December 2020
The following are the changes in Rule 36(4) from 1st January 2021: 1. ITC shall be available as per the invoices uploaded by the respective suppliers either in their GSTR-1 or by using the Invoice Furnishing Facility (IFF). 2. The recipients can claim a provisional input tax credit in GSTR-3B to the extent of 5% instead of earlier 10% of the total ITC available in GSTR-2B for the month. 3. Certain taxpayers cannot make GST payment from their electronic credit ledger in excess of 99% of the total tax liability for the tax period as per a new rule 86B.
Every registered taxable person is required to maintain Electronic Credit Ledger in FORM GST PMT-2 on GST portal. Every claim of Input Tax Credit under GST law will be credited in this ledger only. Some of the other associated provisions are:
Electronic Cash Ledger is another account that every registered taxable person under GST law is required to maintain on GST common portal. This form is required to be maintained in FORM GST PMT-3 for crediting the amount deposited and debiting the payment therefrom toward tax, interest, penalty fee or any other amount. In simple words, any amount which is outstanding in Electronic Tax Liability Register even after adjusting the amount lying in Electronic Credit Ledger, such excess amount is required to be deposited in Electronic Cash Ledger and be adjusted thereof. Every registered taxable person is required to generate challan in FORM GST PMT-4 on GST portal and enter the details of the amount to be deposited by him toward tax, interest, penalty, fees or any other amount
This deposit can be made by way of following modes:
It is important to note that payment by way of cash or cheque or demand draft has been limited to the amount of Rs. 10,000 in a tax period for a registered person. Also, the challan in FORM GST PMT-4 generated at the common portal shall be valid for a period of 15 days. Also, all these entries will correspond to a system generated unique identification number for easy reference.