Category: Payment of GST

The possible debits’ and credits’ to Electronic cash ledger are as follows:

Debit

Credit

i. Discharge of any liability in accordance with Section 49 ii. Towards claim for refund of any amount

i. Payment made through challan on receipt of CIN ii. Amount deducted under Section 51 and claimed in FORM GSTR-02 by the registered taxable person from whom the said amount was deducted iii. Amount collected under Section 52 and claimed in FORM GSTR-02 by the registered taxable person from whom the said amount was collected iv. Reversal of amount debited earlier on account of final rejection of refund (FORM GST PMT-03)

(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX, INTEREST, PENALTY AND OTHER AMOUNTS: FAQ NO. 7)

Electronic cash ledger is a register to be maintained in the common portal of GST in FORM GST PMT-05 to record deposit of tax, interest, penalty and other amounts, utilization thereof and refund.

(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX ,INTEREST, PENALTY AND OTHER AMOUNTS: FAQ NO. 6)

The possible debits’ and credits’ to Electronic credit ledger are as follows;

Debit	Credit
(I)Discharge of any liability in accordance with Section 49; ((II)Towards claim for refund of unutilized amount.	(i) Input tax credit claimed; (ii) Reversal of amount debited earlier, on account of final rejection of refund (FORM GST PMT-03).

(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX, INTEREST ,PENALTY AND OTHER AMOUNTS: FAQ NO. 5)

n case of discrepancy in the Electronic Credit Ledger the taxable person needs to communicate the same to the Jurisdictional officer through common portal in FORM GST PMT-04.

(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX, INTEREST ,PENALTY AND OTHER AMOUNTS: FAQ NO. 4)

Electronic credit ledger is a register to be maintained in the common portal of GST in FORM GST PMT-02 to record input tax credit claimed, utilization, reversal and refund.

(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX, INTEREST ,PENALTY AND OTHER AMOUNTS: FAQ NO. 3)

The possible debits’ and credits’ to Electronic tax liability register are as follows;

Debit

Credit

· the amount payable towards tax, interest, late fee or any other amount payable as per the return filed by the said person; · the amount of tax, interest, penalty or any other amount payable as determined by a proper officer in pursuance of any proceeding under the Act or as ascertained by the said person; · the amount of tax and interest payable as a result of mismatch under section 42 or section 43 or section 50; or · any amount of interest that may accrue from time to time.

· Electronic credit ledger (Payment of Amount deducted u/s 51 or amount collected u/s 52, amount payable on Reverse Charge basis, amount payable u/s 10, any amount payable towards interest, penalty, fee or any other amount under the Act) · Electronic cash ledger · Relief given by the Appellate Authority or Appellate Tribunal or Court · Reduction in penalty (if any)

(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX, INTEREST ,PENALTY AND OTHER AMOUNTS: FAQ NO. 2)

Electronic tax liability register is a register to be maintained in the common portal of GST in FORM GST PMT-01 to record all liabilities of a taxable person. Part-I is for recording return related liabilities and Part-II is for recording other than return related liabilities

(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX,INTEREST , PENALTY AND OTHER AMOUNTS : FAQ NO.1)

Where the discrepancy is not rectified by the e-commerce operator, an amount to the extent of the discrepancy will be added to the output tax liability of the supplier in his return in FORM GSTR-3 for the month succeeding the month in which the details of discrepancy is communicated.

(ICAI FAQ PUBLICATIONS 06-09-2017 RETURNS : FAQ NO.49)

1. Where the details disclosed by the e-commerce operator in FORM GSTR-8 does not match with the corresponding details disclosed by the supplier in FORM GSTR-1, then such discrepancy will be communicated to the supplier in FORM GST MIS-3 and to the e-commerce operator in FORM GST MIS-4 on or before the last day of the month in which such matching is carried out.
2. On receipt of such communication, either the supplier can make suitable rectification in the statement of outward supplies to be furnished for the month in which the discrepancy is communicated or the e-commerce
   operator can make rectification in the statement to be furnished for the month in which such discrepancy is communicated.

(ICAI FAQ PUBLICATIONS 06-09-2017 RETURNS : FAQ NO.48)

1. The supplied made through e-commerce operator as declared by the e-commerce operator in FORM GSTR-8 has to be matched with the corresponding details disclosed by the supplier in FORM GSTR-1.
2. Where the supplier is liable to disclose invoice wise details in FORM GSTR-1, the matching with FORM GSTR-8 shall be done at invoice level.
3. Where the supplier is not liable to disclose invoice wise details in FORM  GSTR2,  the matching will done on the basis of total taxable value of supplies made in the State through e-commerce operator.

(ICAI FAQ PUBLICATIONS 06-09-2017 RETURNS : FAQ NO.47)