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TAX PAYMENTS UNDER GST

PAYMENT OF TAX UNDER GST

HOW FREQUENTLY TO PAY TAX?

PERSON TIME LIMIT
Every Registered Person Not later than the last date on which he is required to furnish Return i.e., within 20th of the Succeeding month
Composite Dealer Not later than the last date on which he is required to furnish Return i.e., within 18th of the month succeeding the quarter.

WHO IS LIABLE TO PAY TAX?

  • Supplier of Goods/ Services
  • Recipient of Goods/ Services under RCM
  • Third Person (TDS Deductor/TCS Collector)

HOW TO PAY TAX?

� Either by Adjusting Available Input Tax Credit.
OR
� By Cash / Bank (i.e. through Challan)

WHAT IS THE ORDER OF PAYING TAX

� FIRST, pay self-assessed tax and other dues for all the previous periods.
� THEN, pay self-assessed tax and other dues for the current period.
� THEREAFTER, any other amount payable under this Act or the rules made there under including the demand determined under section 73 or section 74.

HOW TO DEPOSIT TAX IN CHALLAN?

  • Cash/ Cheque/Demand Draft
    • Maximum amount= Rs. 10,000 per challan per tax period
  • Online Methods
    • NEFT/ RTGS
    • Debit/ Credit Card
    • Internet Banking

PROCESS OF PAYMENT:

  • Generate Challan in GST PMT-06 – Valid for 15 days
  • Make Payment by any of the above modes.

What if I don’t pay tax in time?

� Return will be invalid

� Interest liability @ 18% p.a.

 

 ABOUT GAGAN KEDIA

The blog has been written under the guidance of GST tax expert CA Gagan Kedia.

Firstly Gagan is a commerce graduate, a Chartered Accountant and a Company Secretary by qualification.Moreover he has dedicated over past 1 year of his life in GST research, working closely with various authorities.

Furthermore Gagan has keen interest in training and has also conducted various training workshops with big corporate houses in the area of Taxation & Accounting.

Additionally,he is also a selected faculty member of the Indirect Tax Committee of ICAI for GST Trainings.He is an active member of the privileged Kolkata Study Group of Indirect Tax Committee of ICAI.This committee deals in – GST Research, Representations to Governments, Publication of Books, etc.He is the Managing Partner of the Firm M/s. MRG KEDIA & Co., looking after Transaction Advisory & Litigations in the field of Service Tax & GST for various clients.

You can reach Gagan at cagkedia@gmail.com

 ABOUT ZEROINFY

Furthermore, all recent informations and changes relating to GST  is also available on Zeroinfy.com.

Additionally to know about the basic concepts of GST,click here.

Correspondingly Information relating gst rates on goods and services,click here.

For this reason,you can visit our site zeroinfy.com for more updates….

Zeroinfy.com is India’s Largest Online Platform for Exam Preparation, with over 200+ HD quality video courses, 25+ best Professors.Above all, presently it covers exams like CA, CS, CMA, UPSC CSE, IIT-JEE.

 

 

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