We are under Quarterly Return filing option under QRMP scheme. We have generated challan with Reason for challan as " Monthly payment for quarterly return" and have successfully paid the due GST amount for Jan 21 and the amount is credited to our Cash ledger. Is that all as of now ? Is this challan called as " PMT - 06 challan. " When should we offset this amount ? Pls. explain.
09 July 2024
Under the Quarterly Return filing option under the QRMP (Quarterly Return Monthly Payment) scheme of GST, here’s what you need to know regarding the PMT-06 challan and how to offset the amount:
1. **PMT-06 Challan:** Yes, the challan generated with the reason "Monthly payment for quarterly return" is indeed the PMT-06 challan. This challan is used to make monthly payments towards your quarterly GST liability.
2. **Payment and Cash Ledger:** Once you have successfully paid the GST amount for January 2021 using the PMT-06 challan, the amount gets credited to your electronic cash ledger on the GST portal. This amount will be available for you to offset against your GST liability for the quarter.
3. **Offsetting the Amount:** - **Quarterly Return Filing:** Since you are filing quarterly returns, you will need to offset this amount against your GST liability when you file your quarterly return. - **Filing Timeline:** For the QRMP scheme, the due dates for filing GSTR-3B and GSTR-1 are based on your selected quarterly frequency (either in the first month of the next quarter or second month of the next quarter). - **Offsetting Process:** When you file your quarterly GSTR-3B return, you will adjust the liability against the balance available in your electronic cash ledger, which includes the amount paid through PMT-06.
4. **Record Keeping:** It’s essential to maintain records of the PMT-06 challan and the payment details for reconciliation and compliance purposes.
5. **Further Payments:** You will continue to use PMT-06 challan for making monthly payments towards your GST liability under the QRMP scheme for subsequent months (February, March 2021, etc.) as per your payment cycle.
Ensure that you comply with the GST filing deadlines and accurately reflect the payment details in your returns. If you have any specific queries or need further assistance, consulting a GST professional would be advisable to ensure smooth compliance with GST regulations.
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