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    Payments in GST (S. 49 - 53 of CGST Act) : Dr. Mini Jain

    Uploaded by

    Nikhil Paharia
    The document discusses payments in the Goods and Services Tax (GST) system in India. It outlines three key ledgers - the electronic tax liability ledger, electronic cash ledger, and electronic credit ledger - that every taxpayer must maintain to track tax liabilities and payments. It describes the process for making electronic payments through internet banking, debit/credit cards, or e-challan and how the payment is credited to the taxpayer's cash ledger. It also covers the process for over-the-counter payments of up to Rs. 10,000 through authorized banks using cash, cheque, or demand draft.

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    Payments in GST (S. 49 - 53 of CGST Act) : Dr. Mini Jain

    Uploaded by

    Nikhil Paharia
    67 views12 pages
    The document discusses payments in the Goods and Services Tax (GST) system in India. It outlines three key ledgers - the electronic tax liability ledger, electronic cash ledger, and electronic credit ledger - that every taxpayer must maintain to track tax liabilities and payments. It describes the process for making electronic payments through internet banking, debit/credit cards, or e-challan and how the payment is credited to the taxpayer's cash ledger. It also covers the process for over-the-counter payments of up to Rs. 10,000 through authorized banks using cash, cheque, or demand draft.

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    The document discusses payments in the Goods and Services Tax (GST) system in India. It outlines three key ledgers - the electronic tax liability ledger, electronic cash ledger, and electronic credit ledger - that every taxpayer must maintain to track tax liabilities and payments. It describes the process for making electronic payments through internet banking, debit/credit cards, or e-challan and how the payment is credited to the taxpayer's cash ledger. It also covers the process for over-the-counter payments of up to Rs. 10,000 through authorized banks using cash, cheque, or demand draft.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    67 views12 pages

    Payments in GST (S. 49 - 53 of CGST Act) : Dr. Mini Jain

    Uploaded by

    Nikhil Paharia
    The document discusses payments in the Goods and Services Tax (GST) system in India. It outlines three key ledgers - the electronic tax liability ledger, electronic cash ledger, and electronic credit ledger - that every taxpayer must maintain to track tax liabilities and payments. It describes the process for making electronic payments through internet banking, debit/credit cards, or e-challan and how the payment is credited to the taxpayer's cash ledger. It also covers the process for over-the-counter payments of up to Rs. 10,000 through authorized banks using cash, cheque, or demand draft.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 12

    Payments in GST (S.

    49 – 53 of CGST Act)

    Dr. Mini Jain


    Payments in GST
    Under GST, a seamless payment mechanism has been envisaged. As per Section 49, Every
    deposit made towards tax, interest, penalty, fee or any other amount by a taxable person
    by:
    • internet banking or
    • by using credit cards or
    • debit cards or
    • National Electronic Fund Transfer or
    • Real Time Gross Settlement or
    • Over The Counter (OTC) payment can be made through authorized banks for deposits up
    to Rs. Ten thousand per challan per tax period by cash, cheque or demand draft or
    • by such other mode shall be credited to the electronic cash ledger of such taxable
    person
    Payments in GST
    Every registered person is required to compute his tax liability on a
    monthly basis by setting off the Input Tax Credit(ITC) against the
    Outward Tax Liability. If there is any balance of tax liability the same is
    required to be paid to the government.
    • There are 3 ledgers prescribed by the government that is required to
    be maintained by every tax payer –
    Electronic Tax Liability Ledger 

    • The electronic tax liability ledger shows the total tax liability
    of a registered person at any point of time. This detail can be
    accessed on the GST portal of a registered tax payer.
    • The electronic tax liability register specified u/s 49(7) shall be
    maintained in FORM GST PMT-01. This register will be
    debited for making payment of taxes, interest, penalty, late
    fees.
    Electronic Cash Ledger 

    An Electronic Cash Ledger will also be maintained on the GST portal. It


    will display the total amount deposited by the tax payer towards
    discharge of his tax liability or interest or late fee or penalty or any
    other amounts. Also, it is now mandatory for businesses making
    payment for more than Rs 10,000 to do it electronically. 
    • The electronic cash ledger u/s 49(1) shall be maintained in FORM GST
    PMT-05. A unique identification number shall be generated at the
    Common Portal for each debit or credit to the electronic cash or
    credit ledger, as the case may be.
    Electronic Credit Ledger 
    • The electronic credit ledger shall be maintained in FORM
    GST PMT-02 for each registered person eligible for input tax
    credit under the Act. All the taxes paid on the inputs would
    be recorded in the electronic credit ledger. The amount
    available in the electronic credit ledger may be used for
    making any payment towards output tax as may be
    prescribed in accordance with section 49.
    Process Flow :Mode 1

    • Filling up the amount in e-challan at GST Portal


    • Selecting mode of payment (e-payment mode) and generating e-challan
    • Triggering payment transaction to the bank’s payment gateway
    (GST Portal to transmit challans particulars - safe data sharing protocols)
    • Taxpayer to make payment using their credentials provided by banks
    • On successful completion of transaction, the bank will provide confirmation
    to GST Portal
    • GST Portal will credit the Taxpayer’s ledger
    • Payment particulars challan-wise will be available on GST Portal for
    download/print
    • The CPIN(Common Portal Identification Number) number generates before
    payment of GST tax and CIN (Challan Identification Number) is issued after
    payment of GST tax. 7
    Process
    Process flow
    flow of e-Payment
    of e-Payment mode

    GST
    Portal

    Share Payment Details


    Credit in Cash Ledger
    (CIN Details)

    Pay at
    Taxpayer Internet Acknowledgement
    Generate Banking/ Bank/
    Access GST e-Challan Debit Card/ Payment Receipt Generation
    Portal Credit Card Gateway
    Portal

    Share Transaction Details Update Challan


    (CPIN Details) History

    8
    Mode 2 : OTC Remittance through Authorised Banks
    • For payment up to Rs 10000 per challan per tax period

    • Electronic Challan from GST portal

    • OTC payment at any branch of authorised bank through


     Cheque (local / At par only)
     Cash
     Demand Draft

    9
    Payment Flow Chart
    Login GST
    Portal Choose
    Tax Payer Create Challan Save for 15 Days
    Payment option

    Select Mode Of Payment:-


    Net
    Select 25 Authorised Bank
    Banking Generate challan Bank
    i) e-Payment (CPIN Generated) Other Than
    Authorised Banks
    CC/DC
    ii) OTC
    iii) NEFT/RTGS

    Process at Banks
    server – Payment
    made Successfully
    Trigger to Make
    CIN Generated
    Payment from
    GSTN server

    GST-Portal updates Communicated


    Tax payer’s Cash to GSTN
    Ledger Payment
    receipt can be
    downloaded
    Full form?
    • ITC
    • TDS
    • TCS
    • ECL
    • EFPB- Electronic Focal point Branc
    • CIN
    • CPIN
    • GSTN
    • GSTIN
    • UIN
    Every document needed under GST in excel :
    1.Payment Voucher - https://goo.gl/72C9Xs

    2.Export Invoice - https://goo.gl/KcbakX

    3.Debit Note - https://goo.gl/VQvysq

    4. Tax Invoice( Inter - State) - https://goo.gl/LVPBua

    5. Tax Invoice (Intra - Sales) - https://goo.gl/L2jDma

    6. Revised Invoice - https://goo.gl/1LZPMf

    7. Refund Voucher - https://goo.gl/iqDWH4

    8. Bill of Supply - https://goo.gl/d9abwL

    9. Credit Note - https://goo.gl/eKd17W

    10. Receipt Voucher - https://goo.gl/jxPDjz

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