GST registered Taxpayers can pay GST liability by utilising the available Input Tax Credit (ITC) or balance in the electronic cash ledger.
Every deposit made by taxpayers through internet banking or by using credit or debit cards or National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS) or by over the counter deposits will be credited to the electronic cash ledger. As mentioned earlier, the amount available in the electronic cash ledger can be used for making payments towards tax, interest, penalty, fees or any other amount payable. This electronic cash ledger will be maintained in Form GST PMT-05.
Format Of Form GST PMT-05
Points To Remember
- The electronic cash ledger in Form GST PMT-05 is maintained for every person who is liable to pay tax, interest, penalty, late fee or any other amount, on the GST common portal.
- In this ledger, amounts deposited are credited, and the payments therefrom towards tax, interest, penalty, fee or any other amount are debited.
- Payment required to be made by an unregistered person can be made based on a temporary identification number generated through the common portal.
- The PMT-05 broadly records the following debit/credit transactions:
- Payment of tax through Net banking/OTC/Debit cards/Credit cards,
- Money deposited in the electronic cash ledger,
- Payment of tax, interest, fees, penalty, or other liabilities,
- Refund of excess GST paid.