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Every registered regular taxpayer under GST is required to compute his tax liability on a monthly basis by setting off the Input Tax Credit(ITC) against the Outward Tax Liability.
Exceptions are a composition taxable person who pays tax through form CMP-08 once in a quarter and a regular taxpayer opting into the Quarterly Return filing and Monthly Payment of tax (QRMP) scheme who can choose between fixed sum and self -assessment method of tax computation.
If there is any balance tax payable after the ITC offset, then the same is required to be paid to the government. There are three ledgers prescribed by the government that are required to be maintained by every tax payer.
The electronic liability ledger shows the total tax liability of a registered person at any point of time. This detail can be accessed on the GST portal of a registered taxpayer.
|Particulars||Serial Number for reference|
|Amount of tax payable||A|
|Interest and late fee||B|
|Amount of tax payable along with interest on account of mismatch of credit based on provisions of Section 29 or Section 29A or Section 43C||C|
|Any other amount payable by the taxpayer or directed by the Board on account of any proceedings carried out||D|
|Tax under reverse charge||G|
|Amount payable by department against any interest, refund, alte fee or any other amount determined under the proceedings under this Act||H|
|Balance in the Electronic Tax Liability Ledger||= A+B+C+D-E-F-G-H|
An Electronic cash ledger will also be maintained on the GST portal. It will display the total amount deposited by the taxpayer towards discharge of his tax liability or interest or late fee or penalty any other amounts. Also, it is now mandatory for businesses making payment for more than Rs 10,000 to do it electronically. To know more on how to GST check our Guide on GST Payment in form PMT-06.
Form PMT-09 enables a registered person under GST to transfer any amount of tax, interest, penalty, etc that is available in the electronic cash ledger, to the relevant tax or cess head such as IGST, CGST and SGST in the electronic cash ledger.
All the taxes paid on the inputs would be recorded in the electronic credit ledger. The input tax credit in each of the cases mentioned below, shall also be transferred to the electronic credit ledger:
All the payments under GST have to be made by either using the input tax credit available in the electronic credit ledger or through the electronic cash ledger.
For better understanding, read a host of articles on ClearTax: