In this basics of GST series article, discussion would be moving around calculating GST payment due from the portal. As we discussed in our previous article as well that the GST tax platform uses 3 ledgers which are Electronic Liability Register, Electronic Credit Ledger and Electronic Cash Ledger for management of GST credit, debit liability, interest, penalty etc. Form GST PMT-01 is used to maintain electronic liability register and it manages GST payment due, penalty, interests, late fee or any other payable amount. This article would help us know as to how to go about calculating GST payment due. This would ultimately help in GST filing. But, before that we need to understand about Electronic Liability register.
Electronic Liability Register
Electronic Liability Register is nothing but Form PMT-01 which is available on GST tax portal. The transactions that take place in this are debit ones and can be in the form of tax payable, interest, penalty or any other form of payment due for tax by the account holder. The following are the things that are payable
- It is used to pay amount of tax due, interest, penalty or any other amount as has been by the officer in accordance with GST tax act
- It is also used to pay tax or interest that might have arisen due to mismatch under section 42, section 43 or section 50
- It can also be used to pay any interest that might have arisen over time
The image shown below is an example of how an electronic liability register look like.
When a GST payment is done, then liability of the person is recorded in the electronic cash ledger or electronic credit register and credit is made to the electronic liability register.
This is applicable when amount is deducted under section 51 or when it is collected under section 52 or amount is done under reverse charges or as a part of section 10 maybe in the form of interests, penalty due or any other form. This is done by making a credit to electronic liability register when and a debit is made to electronic cash ledger.
Calculating GST Payment Due
The GST payment due for any month can easily be viewed in the GST common portal after it has been filed on GSTR-3 which is the monthly GST return. 20th is the due date for monthly GST filing. Before GSTR-3 or monthly GST filing is done, GSTR-1 and GSTR-2 must be filed before 10th and 15th of the same month respectively. We will now discuss about calculating GST payment due with the help of dashboard as part of basics of GST series. All the reports and calculations are done automatically after the data has been entered.
Step 1: Open the GST tax monthly return or GSTR-3 page as can be seen in the image
Step 2: You can view details of all the outward supplies by clicking on it
Step 3: We can also visit other details like GST tax credit, inward supplies and other details as can be seen on summary page
Step 4: And then we can move on GST payments page
For more information and learning about the GST tax you can check out our basics of GST series. In case of any help or information related to GST filing you can contact The Buzz Stand Team.