What is a CPIN?

What is a CPIN? – Question 18 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 18 – Q 18. What is a CPIN? Ans. CPIN stands for Common Portal Identificat

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Can a challan generated online be modified?

Question 16 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 16 – Q 16. Can a challan generated online be modified? Ans. No. After logging into GSTN portal for generation of challan, payment particulars have to be fed in by the tax payer or his authorized person. He can save the challan midway for future updation. However once the challan is finalized and CPIN generated, no further changes can be made to it by the taxpayer. – Statutory Provisions,

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Can a tax payer generate challan in multiple sittings?

Question 15 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. Can a tax payer generate challan in multiple sittings? Ans. Yes, a taxpayer can partially fill in the challan form and temporarily save the challan for completion at a later stage. A saved challan can be edited before finalization. After the tax payer has finalized the challan, he will generate the challan, for use of payment of taxes. The remitter will have option of printing

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What is the linkage between GSTN and the authorized Banks?

Question 14 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. What is the linkage between GSTN and the authorized Banks? Ans. There will be real time two-way linkage between the GSTN and the Core Banking Solution (CBS) of the Bank. CPIN is automatically routed to the Bank via electronic string for verification and receiving payment and a challan identification number (CIN) is automatically sent by the Bank to the Common Portal confirming

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What is an ITC Ledger?

What is an ITC Ledger? – Question 13 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 13 – Q 13. What is an ITC Ledger? Ans. Input Tax Credit as self-as

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What is a Cash Ledger?

What is a Cash Ledger? – Question 12 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 12 – Q 12. What is a Cash Ledger? Ans. The cash ledger will reflec

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What is a tax liability register?

What is a tax liability register? – Question 11 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 11 – Q 11. What is a tax liability register? Ans. Tax L

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What are E-Ledgers?

Question 10 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. What are E-Ledgers? Ans. Electronic Ledgers or E-Ledgers are statements of cash and input tax credit in respect of each registered taxpayer. In addition, each taxpayer shall also have an electronic tax liability register. Once a taxpayer is registered on Common Portal (GSTN), two e-ledgers (Cash &Input Tax Credit ledger) and an electronic tax liability register will be aut

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Which date is considered as date of deposit of the tax dues – Date of presentation of cheque or Date of payment or Date of credit of amount in the account of government?

Question 9 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. Which date is considered as date of deposit of the tax dues – Date of presentation

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What happens if the taxable person files the return but does not make payment of tax?

Question 8 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 8 – Q 8. What happens if the taxable person files the return but does not make payment of tax? Ans. In such cases, the return is not considered as a valid return. Section 2(117) defines a valid return to mean a return furnished under sub-section (1) of section 39 on which self-assessed tax has been paid in full. It is only the valid return that would be used for allowing input tax credit

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

When is payment of taxes to be made by the Supplier?

Question 6 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 6 – Q 6. When is payment of taxes to be made by the Supplier? Ans. Payment of taxes by the normal tax payer is to be done on monthly basis by the 20th of the succeeding month. Cash payments will be first deposited in the Cash Ledger and the tax payer shall debit the ledger while making payment in the monthly returns and shall reflect the relevant debit entry number in his return. As menti

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

How can payment be done?

Question 5 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. How can payment be done? Ans. Payment can be done by the following methods: (i) Through debit of Credit Ledger of the tax payer maintained on the Common Portal – ONLY Tax can be paid. Interest, Penalty and Fees cannot be paid by debit in the credit ledger. Tax payers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same for payment of out

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What are the main features of GST payment process?

Question 4 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. What are the main features of GST payment process? Ans. The payment processes under GST Act(s) have the following features: • Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan; • Facilitation for the tax payer by providing hassle free, anytime, anywhere mode of payment of tax; • Convenience of m

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

When does liability to pay GST arises?

Question 3 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 3 – Q 3. When does liability to pay GST arises? Ans. Liability to pay arises at the time of supply of Goods as explained in Section 12 and at the time of supply of services as explained in Section13. The time is generally the earliest of one of the three events, namely receiving payment, issuance of invoice or completion of supply. Different situations envisaged and different tax points h

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Who is liable to pay GST?

Question 2 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. Who is liable to pay GST? Ans. In general, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Further, in some notified cases of intra-state supply of services, the liability to pay GST may be cast on e-commerce operators throug

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What are the Payments to be made in GST regime?

Question 1 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 7. GST Payment of Tax Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and the State/UT GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

What are the inclusions specified in Section 15(2) which could be added to Transaction Value?

Question 10 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. What are the inclusions specified in Section 15(2) which could be added to Transaction Value? Ans. The inclusions specified in Section15 (2) which could be added to transaction value are as follows: a) Any taxes, duties, cesses, fees and charges levied under any statute, other than the SGST/CGST Act and the Goods and Services Tax (Compensation to the States for Loss of Revenue)

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Whether post-supply discounts or incentives are to be included in the transaction value?

Question 7 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 7 – Q 7. Whether post-supply discounts or incentives are to be included in the transaction value? Ans. Yes. where the post-supply discount is established as per the agreement which is known at or before the time of supply and where such discount specifically linked to the relevant invoice and the recipient has reversed input tax credit attributable to such discount, the discount is allowed

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Is contract price not sufficient to determine valuation of supply?

Question 4 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. Is contract price not sufficient to determine valuation of supply? Ans. Contract price is more specifically referred to as transaction value and that is the basis for computing tax. However, when the price is influenced by factors like relationship of parties or where certain transactions are deemed to be supply, which do not have a price, the value has to be determined in accordan

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =