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CH 11

Chapter 11 outlines the payment of taxes under GST, detailing types of payments for intra-state and inter-state supplies, as well as the parties liable for GST payments. It explains the electronic ledgers used in GST, including the e-cash ledger, e-credit ledger, and e-liability register, along with the conditions for utilizing input tax credit (ITC). The chapter also covers the due dates for tax payments and penalties for delayed payments, as well as the requirements for issuing tax invoices.

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15 views5 pages

CH 11

Chapter 11 outlines the payment of taxes under GST, detailing types of payments for intra-state and inter-state supplies, as well as the parties liable for GST payments. It explains the electronic ledgers used in GST, including the e-cash ledger, e-credit ledger, and e-liability register, along with the conditions for utilizing input tax credit (ITC). The chapter also covers the due dates for tax payments and penalties for delayed payments, as well as the requirements for issuing tax invoices.

Uploaded by

dhanya2in
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Chapter 11

Payment of Taxes

Types of payment

Intra state supply- CGST & SGST

Inter state supply- IGST

Persons liable to pay GST

1. Supplier (forward charge)


2. Recipient (reverse charge)
3. Govt (TDS)
4. E-commerce operators (TCS)

GST is completely paperless, maintenance of records

Electronic ledgers

1. E cash ledger
2. E credit ledger
3. E liability register

E-cash ledger

Form GST PMT-05

Credit- cash deposited

Debit- payment of liability (tax, interest, late fees, penalty)

Modes of deposit-UPI, Net banking, Debit/credit cards, NEFT/RTGS, Over the counter upto 10,000

Restriction of 10000 not applicable:

Payment by unregistered person- Temporary identification number

Single challan

Major heads and minor heads

Each major head will have 5 minor heads

IGST/CGST/SGST

Minor heads- tax, interest, late fees, penalty and others

Apply for a refund,

Transfer from one head major or minor t another head

If tax has been deposited erroneously then transfer can be made to respective head (sec 49(10))
E-credit ledger

FORM GST PMT-02

INPUT TAX CREDIT

Credit- ITC

Debit- payment of TAX

Conditions of use of amount available in e credit ledger

Rule 86b: restriction on use of amt available in e credit ledger-

If Taxable supplies not exempt or zero rated in a month exceed 50lakhs, then 99% of liability will be
paid through e credit ledger

E liability register

Total tax liability for particular month


order of discharge:

1. Previous tax period


2. Current tax period
3. Demand u/s73 & 74

Utilization of ITC

IGST (ITC) Outward liabilities


IGST
CGST
SGST
CGST CGST
IGST
NEVER SGST
SGST/UTGST SGST/UTGST
IGST
NEVER CGST
Keypoints;
1. ITC on account of CGST/SGST/UTGST will be utilized only after ITC on IGST has been fully
utilized towards payment.
2. ITC on SGST will be utilized towards payment of IGST when balance of CGST is not
available for payment of IGST
3. In case any balance is not settled, then amount has to be brought in through e-cash
ledger
IGST- 40000, IGST LIAB-80,000 OFFSET- IGST Towards IGST
CGST-30,000, SGST-30000 80,000-40,000= 40,000
CGST BAL TO OFFSET IGST LIAB
40,000-30000
=10,000
SGST-
NET LIAB= 0

IGST= CGST + SGST

Ill 11.4

Particulars IGST CGST SGST


GST payable on 3,00,000 1,64,000 1,64,000
outward supplies
Less IGST (3,00,000)
CGST (164000)
SGST (164000)
Net gst payable - - -

ITC available 7,00,000 65000 48000


(628000)
ITC to be carried 72000 65000 48000
forward

Ill 11.7

Wholsaler- Retailer-Sub retailer

500000 plus 12%

= 60,000 (paid by retailer, deposited by wholesaler)

Retailer-9,00,000 + 12% to sub retailer

Tax= 1,08,000 (paid by sub retailer, deposited by retailer)

Only value addition will be paid to the govt

Paid to govt= 48000

ITC=60,000

Payment of taxes

IGST- IGST

CGST

SGST

CGST- CGST

IGST

NEVER ON SGST
SGST- SGST

IGST

NEVER ON CGST

Particulars CGST SGST


Raw material A 60,000 60,000
Raw material B 45000 45000
Pipelines (blocked credit) - -
Insurance charges 55000 55000
Total ITC 1,60,000 1,60,000
Actual eligible ITC
Furnished invoices 1,00,000 1,00,000
Not furnished - -
Eligible ITC 1,00,000 1,00,000
GST PAYABLE
Inter state (85l@18%) 15,30,000 (IGST)
Intra state (15l) 1,35,000(CGST & SGST Each)
GST payable on outward 15,30,000 1,35,000
supplies
Less: - 1,00,000
To be paid via e-cash ledger 15,30,000 35,000

Due date for payment of taxes

Any registered taxpayer- 20th of the month following the calendar month

Composite supplier- 18th of the month following the quarter

Jan-march, 18th April

Interest on delayed payment of tax

18% in case of belated payment(failure to pay tax)

24% on undue or excess claim of itc

Round off the interest to the nearest rupee

To be paid on net liability

To be calculated from the date on which liability to pay tax arises till the date on which tax is actually
paid

CHAPTER 14
TAX INVOICE

HSN- Harmonized system of nomenclature for goods and services

Invoice in case of exports of goods or services

Normal invoice but with additional features- 1. Country 2. Supply meant for export

Manner of issuing invoice

Goods- Triplicate

Origibal copy- customer/recipient

Duplicate- transporter

Triplicate-supplier

Services- Duplicate

Forward

Govt- supplier- recipient

Reverse

Govt- recipient

Payment voucher which is issued by the recipient

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