GST payment service, GST payment in gurgaon, GST Consultant
GST payment service, GST payment in gurgaon, GST Consultant
GST payment service, GST payment in gurgaon, GST Consultant
GST payment service, GST payment in gurgaon, GST Consultant

GST Payment

What is GST payment?

GST payment is the periodical remittance of GST amount payable by the business. It one of the major requisites for a business to stay compliant. As per the guidelines, every registered regular taxpayer must make GST payment with a due date – 20th of every month along with the submission of GSTR-3B Return.

The GST payment can be made online - promising a seamless and transparent experience.

GST payment calculations

In making the GST payment, the GST act allows the businesses to set the eligible input tax (ITC) with the output GST collected on the sales. Thus, before making GST payment, businesses need to first apply the GST Payment calculations. The GST payment calculations steps are given below:

  • Determine the total output GST
  • Determine the eligible ITC
  • Set-off the output GST with the ITC. Here you need to follow the set-up order of CGST, SGST and IGST.
  • The balance is the GST liability that a business needs to pay.

Register my GST Payment

Our Professional Fees : INR 000/-

(Prices are inclusive of GST; Government Fees and other charges will be charged at actuals)

Our Scope of work

  1. Preparation of GST Payment
  2. Filing with Authorities
  3. Obtaining GSTIN
GST payment service, GST payment in gurgaon, GST Consultant
GST payment service, GST payment in gurgaon, GST Consultant

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Know more about GST Payment

As per the GST payment rules, if a person furnishes a GST Monthly Return without paying the tax due, the return furnished will be considered as an invalid return. Without furnishing the return for a month and paying the tax due, the subsequent month's return cannot be furnished. Also, if the tax due is not paid, interest will be applicable on the same, starting from the GST Payment due date on which the tax was supposed to be paid.

Hence, it is necessary to understand the GST payment method in order to avoid the penalties of non-payment of tax.

GST payment ledgers

For the purpose of GST tax payment, every registered dealer will need to maintain 3 ledgers in the GST payment portal, which is the starting step of the GST payment process. The 3 ledgers are:

  • Electronic tax liability register - All liabilities of a person towards tax, interest, penalty, late fee or any other amount will be debited here.
  • Electronic cash ledger - Every deposit made by a person towards tax, interest, penalty, late fee or any other amount will be credited here.
  • Electronic credit ledger – input tax credit, as self-assessed and claimed in Form GSTR-2 by a person, will be credited here. This can only be used by a person - only for paying tax, and not for settling other amounts such as interest, late fee, and so on.

GST payment ledgers set-off

To pay the liabilities shown in the Electronic tax liability register, a person can use the balance in the Electronic cash ledger and Electronic credit ledger.

When liability is paid:

  • The Electronic tax liability register will be credited by the amount paid.
  • The Electronic credit ledger will be debited by credit used for making the payment.
  • The Electronic cash ledger will be debited by the amount of deposit used for making the payment.

Here's a step by step process for how to make your GST payment online.

  • Set-off the tax liability by using the credit available in Electronic credit ledger
  • Deposit money in the Electronic cash ledger to pay the balance tax liability
  • Generate challan for making the GST payment - Challan for the payment can be generated from the GST payment portal using Form GST PMT-06. The details of the amount to be deposited towards tax, interest, penalty, fees or any other amount should be entered in the challan. The challan generated will be valid for 15 days
  • Make the GST payment using the given modes -
    • Internet banking through authorised banks
    • Credit card or debit card through authorised banks
    • National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS) from any bank
    • Over the counter (OTC) payment through authorized banks for deposits up to Rs.10,000 per challan per tax period, by cash, cheque or Demand Draft (DD)
  • Note: If the payment is to be made by NEFT or RTGS, a mandate form will be generated along with the challan on the GST Portal . The mandate form has to be submitted to the bank from where the payment is made. The mandate form will be valid for 15 days.

  • Generation of CIN and credit to Electronic cash ledger - Once the amount paid by a dealer is credited to the concerned government account, a Challan Identification Number (CIN) will be generated and the same will be mentioned in the challan in the GST portal. On receipt of the CIN, the amount paid will be credited to the person's Electronic cash ledger.

Reach Us

Gurgaon-122001, Haryana

Call +91-9971855559

Email: lkverma@lakshmiassociates.in



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