GST registered taxpayers can view their GST liabilities and available Input Tax Credit all at one place by logging into the GST common portal. From the dashboard, every taxpayer can access his/her electronic register called the ‘Electronic Liability Register’ and two electronic ledgers called ‘Electronic Cash Ledger’ and ‘Electronic Credit Ledger’. In this article, we will elaborate on the Electronic Liability Register/Form GST PMT-01:
As per Rule 85(1) of the CGST Rules 2017, the electronic liability register as specified under Section 49(7) of the CGST Act 2017 should be maintained in Form GST PMT-01. Every person who is liable to pay tax, interest, penalty, late fee or any other amount on the GST portal has to maintain this register. All the amounts payable by the taxpayer will be debited to the electronic liability register.
The following amounts will be debited from the electronic liability register of the taxpayer:
The Electronic Liability Register/Form GST PMT-01 is maintained in two parts-
Liabilities like tax, interest, penalty, late fee, or other amounts payable as per the GST returns and the payments made against them through electronic credit/cash ledger will be logged in this part of the register. The format of Part-I of Form GST PMT-01 is as below:
Main elements in Part-I of PMT-01 are:
A Unique Identification Number (UIN) is generated towards each debit and credit entry in the electronic cash or credit ledger. This UIN will also be specified with the corresponding entry denoting the payment of the liability, in the electronic liability register.
This section will specify the source ledger (e.g., electronic cash ledger) from where the debit/credit amount is populated.
Along with the actual liabilities as per the returns, reverse charge mechanism, etc. liabilities arising while opting for composition scheme and cancellation of registration will also be covered in this part of the form.
The balance will be arrived at by reducing the various credits (amount paid) from the debits (amount payable).
Liabilities that are not related to GST returns will appear in this part of the form, and the payment made against them through the electronic credit/cash ledger will also be logged into this part of the register. The format of Part-II of Form GST PMT-01 is as below:
Here. ‘Other than Return Related Liabilities’ include the following:
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