06 February 2021
I want to see what is tax liability in QRMP scheme. So when I create challan PMT 06, will it come automatically filled? Also, I have credit in electronic credit ledger as well as cash ledger, how do I adjust before paying balance tax? Please guide.
10 July 2024
Under the Quarterly Return Monthly Payment (QRMP) scheme under GST, your tax liability for each quarter needs to be calculated based on your sales and purchases. Here’s how you can proceed with creating Challan PMT-06 and adjusting credit from electronic credit ledger and cash ledger:
### 1. Calculation of Tax Liability: - Calculate your tax liability for each quarter based on the GST rates applicable to your supplies (output tax) and purchases (input tax credit). - Ensure you have accurate sales and purchase data for the quarter.
### 2. Creating Challan PMT-06: - Log in to the GST portal (https://www.gst.gov.in/) with your credentials. - Navigate to 'Services' > 'Payments' > 'Create Challan'. - Select the appropriate tax period and tax type (IGST, CGST, SGST/UTGST). - Enter the amount of tax liability calculated for the quarter.
### 3. Adjustment of Credit: - Before paying the balance tax using PMT-06, you can adjust the credit available in your electronic credit ledger and cash ledger to minimize the amount payable.
#### Adjusting Electronic Credit Ledger: - The electronic credit ledger consists of Input Tax Credit (ITC) accumulated from GST paid on purchases. - To adjust from electronic credit ledger: - Log in to the GST portal. - Navigate to 'Services' > 'Ledgers' > 'Electronic Credit Ledger'. - Select 'Utilize' to adjust the available ITC against your tax liability. - Enter the amount you want to utilize from the electronic credit ledger.
#### Adjusting Cash Ledger: - Cash ledger consists of cash deposits made towards GST liability. - To adjust from cash ledger: - Ensure you have sufficient balance available in your cash ledger. - During the Challan creation process (PMT-06), the amount available in your cash ledger will automatically be considered for adjusting the tax liability. - Enter any additional amount you wish to pay using the cash ledger.
### 4. Completing Challan Payment (PMT-06): - After adjusting from the electronic credit ledger and cash ledger, if needed: - Finalize the Challan PMT-06 by entering the remaining balance, if any, that needs to be paid through your chosen payment method (Net Banking, Credit/Debit Card, NEFT/RTGS). - Verify all details before submitting the payment.
### Confirmation and Acknowledgement: - Once payment is successful, you will receive an acknowledgment (Challan Counterfoil) with a CIN (Challan Identification Number). - This completes the process for paying your tax liability under the QRMP scheme for the respective quarter.
### Important Points: - Ensure that you accurately calculate your tax liability before creating PMT-06. - Utilize the available credits from the electronic credit ledger and cash ledger to minimize the amount payable. - Always verify details entered before submitting to avoid errors.
If you encounter any specific issues during the process or require further assistance, consider consulting with a GST practitioner or using the help resources available on the GST portal.
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