Equipping Modern Enterprises with Powerful GST & E-Way Bill Solutions

logo image
  • GST Filing & Reconciliation
  • E-Way Bill Automation
  • GSTIN Search & E-Way Bill APIs

GST PMT-08 Form

August 24th, 2019 in GST , GST Return

GST PMT-08 Form is introduced in the GST system to simplify the GST compliance process for the taxpayer. In this article, we will cover every minute detail about the GST PMT-08 Form.

 

 

What is GST PMT-08?

GST PMT-08 is a new GST return that is introduced in the new GST system. Through this GST PMT-08 Form the taxpayer has to furnish his/her monthly self-assessed tax liability to claim ITC that is entitled to him or her.

Due Date of GST PMT-08

The due date for filing GST PMT-08 will be 20th of every subsequent month or quarter to discharge the self-assessed tax liability and to claim the entitled Input Tax Credit.

Format of PMT-O8 Form

GST PMT-08 Form

 

Content of PMT-O8 Form

Form PMT-08 contains 5 different sections that consist

1. GSTIN

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:

  • Liability to pay tax other than reverse charge
  • Liability to pay tax including reverse charge
  • ITC claimed

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.

GST PMT-08 Form Important Aspects

Here are some of the important aspects of GST PMT-08 Form:

  • PMT-08 is a common form for all the GST Returns, be it GST RET-1, RET-2 or RET-3 Form.
  • The taxpayer who has opted for quarterly filing return needs to pay the self-assessed tax monthly depending upon the supplies of that particular month. It shall be noted that PMT-08 Form has to be filed every month by the taxpayer irrespective of the supplies in the month.
  • The taxpayer can easily claim the eligible Input Tax Credit (ITC) through this GST PMT-08.
  • According to section 50 of the GST Act, if a taxpayer claim ITC in excess or declares short liability in GST PMT-08 Form, then penalty and interest as per the rate mentioned in this section.
  • For the quarterly filers of the GST RET-1, the taxpayer has to pay the tax for the first 2 months and the same amount shall be furnished in GST RET-1 form.
  • The tax that the taxpayer has paid in the early 2 months of the quarter the ITC will be available at the time of filing GST RET-1.
  • The tax liability can be set off with either electronic cash ledger or credit ledger whichever is available at that point of time.
  • The ITC of the tax paid in the first 2 months of the quarter will be available at the time of furnishing GST Return form.