Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Due date of deposit of tax under gst

SSG (1936 Points)

19 July 2017

What is the due of tax deposit under GST? When will be the tax deposited for the month of July under GST? Please advise.

Reply
Follow
Share

4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (173281 Points)
Replied 19 July 2017

Payment of taxes by the normal taxpayer 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 taxpayer shall debit the ledger while making payment in the monthly returns and shall reflect the relevant debit entry number in his return. Payment can also be debited from the Credit Ledger. Payment of taxes for the month of August shall be paid by the 20th of September. Composition tax payers will need to pay tax on quarterly basis

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

SSG (1936 Points)
Replied 19 July 2017

Sir, what are cash and credit ledgers? Are these parts of the GST return form? Is the process same as like the in service tax and income tax - first deposit the tax and the challan details are furnished in the return form?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (173281 Points)
Replied 19 July 2017

Electronic Credit Ledger

Every registered taxable person is required to maintain Electronic Credit Ledger in FORM GST PMT-2 on GST portal. Every claim of Input Tax Credit under GST law will be credited in this ledger only.

Some of the other associated provisions are:

Electronic Credit Ledger can be debited to the extent of discharge of the liability of GST.
A Registered taxable person is allowed to debit an amount equivalent to the unutilized amount from electronic credit ledger as a refund of tax.
In case any refund claimed previously has been rejected by the officer empowered in GST, Electronic Credit Ledger shall be re-credited to the extent of such amount which has been rejected. This order has to be made in FORM GST PMT-2A.

Electronic Cash Ledger

Electronic Cash Ledger is another account that every registered taxable person under GST law is required to maintain on GST common portal. This form is required to be maintained in FORM GST PMT-3 for crediting the amount deposited and debiting the payment therefrom toward tax, interest, penalty fee or any other amount.

In simple words, any amount which is outstanding in Electronic Tax Liability Register even after adjusting the amount lying in Electronic Credit Ledger, such excess amount is required to be deposited in Electronic Cash Ledger and be adjusted thereof.

Every registered taxable person is required to generate challan in FORM GST PMT-4 on GST portal and enter the details of the amount to be deposited by him toward tax, interest, penalty, fees or any other amount.

For details refer: https://www.hiregangeacademy.com/articles/Payment-under-GST.pdf

1 Like