Goods & Services Tax Central Goods & Services Tax Act, 2017 Payment of Tax- Law & Procedure ICAI, New Delhi 20 th February, 2018 CA Rohit Vaswani, B.Com, FCA, ACMA, LLB, DISA (ICAI) vaswanirohit@hotmail.com
Payment of Tax (Sec.49-50) CGST Rules (Rule.85-88)
Deposit of Tax Sec.49(1) Deposit of Tax, Interest, Penalty or Any Other Amount Net Banking Debit/Cr edit Card NEFT RTGS Credited to Electronic Cash Ledger The date of credit to the account of the Government in the authorised bank shall be deemed to be the date of deposit in the electronic cash ledger
Input Tax Credit Sec.49 (2) ITC as self assessed in the return of a registered person Credited to Electronic Credit Ledger
Utilization of Cash/Credit Ledger 49(3)/(4) Amount available in cash ledger can be utilized for tax, interest, penalty, fees or any other amount Amount available in credit ledger can be utilized for output tax under IGST/CGST/SGST
Utilization of ITC Sec. 49(5)
Refund of balance amount Sec.49(6) The balance in the electronic cash ledger or electronic credit ledger after payment of tax, interest, penalty, fee or any other amount payable under this Act or the rules made thereunder may be refunded in accordance with the provisions of section 54
E-Liability Register Sec.49(7) All liabilities of a taxable person under this Act shall be recorded and maintained in an electronic liability register in such manner as may be prescribed
Order of discharge of tax dues Sec.49(8) self-assessed tax, and other dues related to returns of previous tax periods self-assessed tax, and other dues related to the return of the current tax period Any other demand or assessed tax/demand
Presumption to pass on the incidence of tax Sec.49(9) Every person who has paid the tax on goods or services or both under this Act shall, unless the contrary is proved by him, be deemed to have passed on the full incidence of such tax to the recipient of such goods or services or both
CGST Rules (Rule.85-88) Electronic Liability Register- Rule-85 FORM GST PMT-01 All amounts payable by the registered person shall be debited to this register
Electronic Liability Register- debit entries Amount of tax, interest, late fee or any other amount payable as per return filed amount of tax, interest, penalty or any other amount payable as determined by a proper officer the amount of tax and interest payable as a result of mismatch under section 42 or section 43 or section 50 any amount of interest that may accrue from time to time Rule-85
Electronic Liability Register- credit entries payment of every liability by a registered person as per his return shall be made by debitingelectronic credit ledger maintained as per rule 86 electronic cash ledger maintained as per rule 87 Rule-85
Electronic Liability Register- credit entries only through cash ledger Liability towards TDS as per section 51 Liability towards TCS as per section 52 Tax Liability under reverse charge Tax Liability in case of supply received from unregistered person Tax Liability under composition scheme Interest, penalty, fee or any other amount
Electronic Credit Ledger Rule-86 Shall be maintained in FORM GST PMT-02 ITC under the Act shall be credited to PMT-2. PMT-2 shall be debited to discharge of output tax liability as per sec.49
Electronic Credit Ledger Rule-86 If any refund has been claimed, PMT- 2 shall be debited for refund amount If the refund claim is rejected, amount shall be re-credited to PMT-2 by an order in PMT-3 If any discrepancy if noticed, registered person can communicate to officer in PMT-4
Electronic Cash Ledger Rule-87 Electronic cash ledger shall be maintained in FORM GST PMT-05 PMT-5 will be credited on deposit of amount PMT-5 shall be debited on payment of tax, interest, penalty, fee, etc.
Electronic Cash Ledger Rule-87 Challan in FORM GST PMT-06 on the Common Portal can be generated for payment of taxes and other amounts PMT-06 can be paid through internet banking, Debit/Credit Cards, NEFT, RTGS, OTC for payment by cash/cheque/dd up to Rs.10,000/- Limit of 10,000/- shall not be applicable in case of payments by Govt. or other notified persons and in case of recovery
Electronic Cash Ledger Rule-87 Challan in FORM GST PMT- 06 shall be valid for 15 days. Any commission/ charges for payment of PMT-06 shall be borne by the person making such payment Any payment required to be made by unregistered person shall be made on the basis of a temporary identification number generated through the Common Portal
Electronic Cash Ledger Rule-87 Where the payment is to be made by NEFT or RTGS mandate form shall be generated along with the challan and to be submitted to the bank from where the payment is to be made. On successful payment Challan Identification Number (CIN) will be generated
Electronic Cash Ledger Rule-87 On receipt of CIN from the authorized Bank, the said amount shall be credited to PMT-5 Where no CIN has been generated but account has been debited or where CIN has not been communicated to common portal, application to be filed in PMT-7
Electronic Cash Ledger Rule-87 Any amount of TDS deducted or TCS collected shall be credited to his electronic cash ledger Where any refund has been claimed from cash ledger that shall be debited to PMT-5 and if the refund is rejected than it shall be re-credited by order of officer in PMT-3
Identification number for each transaction Rule-88 A unique identification number shall be generated at the Common Portal for each debit or credit to the electronic cash or credit ledger, as the case may be. (2) The unique identification number relating to discharge of any liability shall be indicated in the corresponding entry in the electronic tax liability register. (3) A unique identification number shall be generated at the Common Portal for each credit in the electronic tax liability register for reasons other than those covered under sub-rule (2)
CA RohitVaswani, B.com, FCA, ACMA, LLB, DISA (ICAI)