Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 30-6-2017 – How the liabilities in respect of Tax , interest, penalty and other dues under the GST shall be paid, have been summarized hereunder. Same shall be entered in various register etc. All this is prescribed in Section 49 to 50 of the GST Law and GST Payment Rules, 2017. Payment of Taxes [ Section -49 ] A] Electronic cash ledger Section provides for three kind of ledger Electronic cash ledger Electronic credit ledger Electronic liability ledger Electronic Cash Ledger Every deposit made for tax , interest, penalty and fees shall be credited to Electronic Cash Ledger in Form-GST PMT-5. Taxes, Interest , Fees and penalty shall be paid by taxable person in any of the follow
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n shall be credited to his Electronic Credit Ledger on the common portal in Form -GST PMT-2. The electronic credit ledger may include the following ITC from inward supply from registered person. ITC from ISD ITC on stock immediately preceding the day when RP is liable for payment of tax. ITC available on payment made on reverse charge. RP upon noticing any problem can apply on GST PMT-04 on common portal. Manner of Utilisation of ITC Amount of input tax credit in IGST, CGST, SGST or UTGSTshall be utilized as follows : ITC of IGST available in Electronic Credit Ledger shall be utilized first for payment of IGST Liability and after wards for the payment of CGST and SGST. The amount of CGST available in Electronic Credit Ledger of CGST shall b
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n shall be by debiting the electronic credit ledger and crediting the electronic liability register. Explanation- Tax due means tax payable under the Act but does not include interest , fees or penalty. Other due mean interest, fees and penalty. Interest on delayed payment of Tax [ Section 50 ] Every person liable to pay tax and fails to pay the same on due date , shall pay interest on unpaid amount at the rate as prescribed from the due date of payment of tax to the date of payment. Interest shall be paid to the account of central or State Government. Interest shall be paid from the first day on which such tax was due. In case taxable person claim excess input credit u/s 42[10] and or reduction in output tax liability u/s 43[10], shall be
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