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PAYMENT OF TAX UNDER MODEL GST LAW

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 7-10-2016 Last Replied Date:- 16-10-2016 - Payment of tax In GST regime the following are the types of payments to be made- Tax to the credit of Central Government if it is intra-state supply (CGST); Tax to the credit of State Government if it is intra State supply (SGST); For inter-state supply tax to be is Integrated GST; Certain categories of registered persons are required to pay TDS and TCS; Interest, penalty, fees and any o .....

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ined in Section 13. The time is decided by three events, among which occurs earlier. The three events are receiving payment, issuance of invoice or completion of supply. Features of GST payment process The payment processes under the proposed GST regime will have the following features- Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan; Facilitation for the tax payer by providing hassle free, anytime, anywhere mode of payment .....

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well as credit ledger. Cash payments will be first deposited in the Cash Ledger and the tax payer shall debit the ledger while making payment in the monthly returns and shall reflect the relevant debit entry number in his return. The payment of taxes for the month of March shall be paid by the 20th of April. In the present regime the service tax as well excise duty is to be paid for the month of March by 31st March itself. Composition tax payers are required to pay the tax on quarterly basis. T .....

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The electronic tax liability register shall be maintained in Form GST PMT-1 on the common portal and all amounts by a taxable person shall be debited to the said register. The electronic tax liability register shall be debited by- The amount payable towards tax, interest, late fee or any other amount payable as per the return filed by the said person; The amount of tax, interest, penalty or any other amount payable as determined by a proper officer in pursuance of any proceeding under the Act o .....

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-payment through internet banking, credit card, debit card; Real time gross settlement (RTGS); National Electronic Fund Transfer (NFFT); Over the Counter payment in branches of banks authorized to accept deposits. When the payment is made by NEFT or RTGS from any bank the mandate form shall be generated along with the challan. The said form shall be submitted to the bank from where the payment is to be made. Such mandate for shall be valid for 15 days from the date of generation of challan. On s .....

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he said amount shall be credited to the electronic cash ledger of the registered taxable person who, or on whose behalf, the deposit has been made and the Common Portal shall make available a receipt to this effect. The restriction for deposit up to ₹ 10,000/- per challan in case of an Over the Counter payment shall not apply to deposit to be made by- Government Departments or any other deposit to be madeby persons as may be notified by the Board/Commissioner (SGST) in this behalf; Proper .....

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put tax credit on account of CGST shall be utilized towards payment of SGST and vice versa. The credit of IGST would be permitted to be utilized for payment of IGST, CGST and SGST in that order. Only tax can be paid through credit ledger of the tax payment. Interest, penalty and fees cannot be paid by debit in the credit ledger. Section 35(8) prescribes the method of payment where the taxpayer has tax liability beyond the current period. In such a situation, the order of payment is as follows: S .....

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er/Chief Commissioner may, on application of a taxable person, for reasons to be recorded in writing, extend the time for payment or allow payment of any amount due under the Act, by such person, in monthly installments not exceeding twenty four, subject to payment of interest with such restrictions or conditions as may be prescribed. If the taxable person defaults in payment of any one installment on its due date, the whole outstanding balance payable on such date shall become due and payable f .....

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s filed his return, the input tax credit of the recipient would not be confirmed. Pre-registration of credit card The tax payer would be required to pre-register his credit card, from which the tax payment is intended with the common portal maintained on GSTN which may attempt to put in a system with banks in getting the credit card verified by taking a confirmation from the credit card service provider. The payments using credit cards can be allowed without any monetary limit to facilitate ease .....

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