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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.
In making the GST payment, the GST act allows the businesses to set the eligible input tax credit (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
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.
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:
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:
Here's a step by step process for how to make your GST payment online.
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.
The following GST payment forms are of importance for any dealer liable to pay GST online in India -
Form GST PMT-01 |
Electronic tax liability register will be maintained in Form GST PMT-01 |
Form GST PMT-02 |
Electronic credit ledger will be maintained in Form GST PMT-02 |
Form GST PMT-03 |
Order of rejection of claim for refund of balance in Electronic credit ledger/Electronic cash ledger, issued by an authorised officer |
Form GST PMT-04 |
If a person notices any discrepancy in his Electronic credit ledger, he can communicate the same using Form GST PMT-04 |
Form GST PMT-05 |
Electronic cash ledger will be maintained in Form GST PMT-05 |
Form GST PMT-06 |
Challan for payment of tax, interest, penalty, fees or any other amount |
Form GST PMT-07 |
If a person’s bank account has been debited but CIN has not been generated or CIN has been generated but not communicated to the GST portal, the person can inform the same using Form GST PMT-07 |
The two modes of GST payments are as follows.
Online mode
You can make your GST payments online by using net banking, debit card, and credit card. It is not mandatory for you to log into the GST portal to pay using the online methods. You can make an online payment using most of the popular banks in India. Once you complete the GST payment, the electronic cash ledge is instantly updated to reflect the successful payment. In the case you have not logged in but have generated challan, it is recommended that you pay as soon as you can.
Offline mode
You can pay using NEFT (national electronic fund transfer), RTGS (real-time gross settlement), or OTC (over the counter) payment methods. The OTC method includes payment using demand draft, cheque, and cash. The OTC method can take a few days and the electronic cash ledger is updated once the banks process the payment. It must be noted that the maximum amount payable using OTC is Rs. 10,000.
You must generate GST challan prior to paying using the offline modes. It doesn’t matter whether you generated the challan after logging into the portal or without logging in. You must print the challan, fill in the required details, sign, and then submit to your bank so the payment can be processed. If you use the RTGS/NEFT method then you will have an additional step which is to get the UTR (Unique Transaction Reference) number from the bank and then log into the portal to ensure the electronic cash ledger is up-to-date.
The due date for GST payment is 20 days from the end of the month.
In short, the GST payment process and GST payment schedule are of key importance to any business in order to remain compliant. It is thus necessary for every business to stay aware of the requisite GST payment formats, make the right GST payment calculations, adhere to the GST payment dates and accordingly pass the correct GST payment vouchers in their books, in order to make GST payment online in time, and continue their business in a hassle free manner.
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