20 February 2021
We have enough balance in cash ledger to cover our liability on self assessment basis for month of january 2021. Do we still have to generate challan PMT-6, for our January liability? When will cash balance be adjusted -- at the time of filing GST3 for the month of March ? For month of February payment will we be required to generate challan, considering liability of January and February together?
09 July 2024
If you have enough balance in your cash ledger to cover your GST liability for the month of January 2021, you do not necessarily need to generate a PMT-06 challan separately for January. Here’s how it typically works:
1. **Adjustment of Cash Ledger Balance:** - The balance in your cash ledger will be adjusted automatically when you file your GSTR-3B for January 2021. - When you file your GSTR-3B for March 2021 (since you are under the quarterly return filing scheme), any adjustments needed from previous months (like January and February 2021) will be reflected.
2. **Payment for February 2021:** - For the month of February 2021, you will need to assess your GST liability for that month. - If your liability for February includes any carry-forward from January (if not already adjusted), you should account for this in your payment process. - Generate a PMT-06 challan for February 2021 if there is any shortfall in your cash ledger balance to cover the liability for that month.
3. **Challan Generation for February:** - Generate the PMT-06 challan for February 2021 separately, considering the total liability for that month. - Include any carry-forward or adjustments needed from previous months (like January) in this calculation.
4. **Quarterly Return Filing Scheme:** - Under the Quarterly Return Monthly Payment (QRMP) scheme, you need to pay your GST liability every month by the 25th of the succeeding month for the first two months of the quarter. - Since you are in Maharashtra, ensure compliance with the state-specific rules regarding Professional Tax and GST filing requirements.
In summary, ensure your cash ledger has sufficient balance to cover the liability for each month. Generate PMT-06 challans as necessary, particularly if there’s a shortfall in your cash ledger balance to cover your GST liability for any given month. Adjustments for previous months typically occur when you file your GSTR-3B for the subsequent quarter. If you have specific concerns or need further clarification, it’s advisable to consult with a GST professional or advisor.
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