Entire country is going gung-ho about GST, the much-awaited tax reform of these years. As a business, you registered for your GSTIN, managed your outward supplies and inward supplies in a manner that you could calculate your ITC. And then comes the payment of the GST to the government. Wondering How to discharge your GST Liabilities?
While we have already covered the GST registration process and management process in our previous articles, let us look at the payment process under GST.
Electronic Ledgers under GST
As the basic premise of GST is moving the businesses to digital mode, a taxpayer is required to maintain the following three ledgers under GST:
Payment of GST liabilities
A taxpayer registered on the GSTN portal can pay his/her tax liabilities as follows:
For further reference please refer , Utilization of Input Tax Credit under GST: Rule 88A, Section 49A and 49B
Steps to pay GST through cash ledgers
In order to initiate online cash payment, a registered taxpayer is required to follow the below given steps
P.S For payments exceeding Rs. 10,000, it is mandatory for businesses to make an electronic payment, and over-the-counter payment shall not be admissible.
If a registered taxpayer does not file his/her GST returns on the given due date, he is liable to be penalised as per the notice sent by the government in form GSTR 3A. However, if the taxpayer or the defaulter fails to file the same, even after 3 months from the issuance of an order for the demand of tax, the government officials can begin with the proceeding to recover unpaid tax under GST.
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