GST PMT-08 Form is introduced in the GST system to simplify the GST form compliance process for the taxpayer. In this article, we will cover every minute detail about the GST PMT-08 Form.
GST PMT-08 is a new GST return that is introduced in the new GST system. Through this Form PMT 08 in GST the taxpayer has to furnish his/her monthly self-assessed tax liability to claim ITC that is entitled to him or her.
The due date for filing PMT 08 GST will be 20th of every subsequent month or quarter to discharge the self-assessed tax liability and to claim the entitled Input Tax Credit.
Form PMT-08 contains 5 different sections that consist
This will contain the GSTIN of the taxpayer which will be auto-populated
2. Other Details
This will contain all the basic details about the taxpayer such as the legal name of the registered person, trade name if any, ARN and date of filing. All the fields in this column will get auto-populated based on GSTIN.
3. Summary of self-assessed liability and Input Tax Credit availed
This section contains 3 different parts namely:
Note: The amount of self-assessed liability has to be distributed based on SGST, CGST, IGST and CESS and the amount of ITC claimed shall be provided based on this.
4. Payment of Tax
In this section of Form PMT-08, the taxpayer needs to mention the tax payable and paid amount. Moreover, this section also includes the description regarding the amount of tax the taxpayer has paid in cash and through ITC.
Note: Any negative liability of the previous tax period is also covered in this section.
5. Verification:Once every detail in the form is furnished the taxpayer need to verify this by e-signing the return. The taxpayer cannot file the return unless it is verified.
Here are some of the important aspects of GST PMT-08 Form: