Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 16-3-2017 – How the liabilities in respect of Tax , interest, penalty and other dues under the GST shall be paid, have been summarized hereunder. How the same shall be entered in various register etc. All this is prescribed in Section 44 and Section 45 of the revised GST Law and GST Payment Rules ,2016. Payment of Tax , Interest , Penalty Every deposit made for tax , interest, penalty and fees shall be credited to Electronic Cash Ledger in Form-GST PMT-3. The input tax credit in the return of taxable person shall be credited to his Electronic Credit Ledger to be maintained as per Form -GST PMT-2. Amount deposited in Electronic cash ledger may be used for paying payment of tax,
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tax credit available in Electronic Credit Ledger of SGST can not be utilized for payment of CGST or vice versa. The balance in the cash or credit register after payment of taxes , interest and penalty or fees under the act may be refunded as prescribed under Section- 48 and the amount refunded shall be reduce from the respective ledger a/c. All amount payable by taxable person shall be debited in Electronic Liability Register in Form-GST PMT-1. Payment of every liability by registered taxable person shall be by debiting the electronic credit ledger and crediting the electronic liability register. Taxes, Interest , Fees and penalty shall be paid by taxable person in any of the following mode. Internet banking Debit or credit card NEFT or RT
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