Payments of the income tax which you have to know

Income tax

1. Payments in GST (S. 49 – 53 of CGST Act) Dr. Mini Jain

2. 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 T he 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

3. 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 –

4. 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.

5. 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.

6. 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.

7. 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

8. 8 GST Portal Process flow of e-Payment mode Credit in Cash Ledger Acknowledgement Receipt Generation Update Challan History Process flow of e-Payment Share Payment Details (CIN Details) Share Transaction Details (CPIN Details)

9. Mode 2 : OTC Remittance through Authorised Banks 9 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

10. Tax Payer Choose Payment option Create Challan Save for 15 Days Select Mode Of Payment:- Net Banking i ) e-Payment CC/DC ii) OTC iii) NEFT/RTGS Other Than Authorised Banks 25 Authorised Bank Generate challan (CPIN Generated) Trigger to Make Payment from GSTN server Process at Banks server – Payment made Successfully CIN Generated Payment Flow Chart Login GST Portal Select Bank Communicated to GSTN GST-Portal updates Tax payer’s Cash Ledger Payment receipt can be downloaded

11. Full form? ITC TDS TCS ECL EFPB CIN CPIN GSTN GSTIN UIN

12. 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