The GST Payment

Payment of Tax Under GST

What are the Payments made under GST regime?

Under the GST regime, where intra-state supply CGST and SGST taxes are calculated, Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government).

For any inter-state supply, IGST taxes is calculated where Integrated GST (IGST) which will have components of both CGST and SGST.  Also, the certain section of registered persons will be needed to pay to the government account TDS and TCS. where TDS is Tax Deducted at Source and TCS stated for Tax Collected at Source.

 

Who is liable to pay GST?

In general terms, the supplier of Goods or Service is liable to pay GST. However in specified cases like the liability may be cast on the recipient under the reverse charge mechanism, imports, and other notified supplies.

 

When is Payment of Tax to be done by the taxable person?

At the time of supply, Goods is explained in Section 12 whereas at the time of supply of Services is explained in Section 13. The time is generally the earliest of one of the 3 events,, issuance of invoice or completion of supply, namely receiving payment.

 

What are the main features of payment process under GST?

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The GST Payment of Tax processes will have the following features:

  1. Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan;
  2. The convenience of making payment online;
  3. Logical tax collection data in electronic format;
  4. Faster remittance of tax revenue to the Government Account;
  5. Paperless transactions;
  6. Speed Accounting and reporting;
  7. Electronic reconciliation of all receipts;
  8. Simplified procedure for banks;

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How can payment be done?

Payment of  Tax Under GST can be done by the following methods:

 

  1. Through debit of Credit Ledger of the taxpayer maintained the Common Portal- Only Tax can be paid. Interest, Fees, and Penalty cannot be paid by debt in the credit ledger.  Taxpayers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same for payment of output tax. However, no input tax credit on account of CGST shall be utilized towards payment of SGST and vice versa. The credit of IGST would be permitted to be utilized for payment of IGST, CGST, and SGST in that order.
  2. In cash by debt in the Cash Ledger of the taxpayer maintained on the Common Portal. Money can be deposited in the Cash Ledger by different modes, namely, E-Payment (Internet Banking, Credit Card, Debit Card); Real Time Gross Settlement (RTGS)/ National Electronic Fund Transfer (NEFT); Over the Counter Payment in branches of Banks Authorized to accept the deposit of GST.
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