A complete guide to file GST online in India
Every business big or small must register for GST to be officially recognised by the government. The Goods and Services Tax in India helps you in avoiding indirect taxes that increase the annual costing of any business.
You have to compulsorily make 3 types of payments namely-
- CGST or the Central GST is charged by the central government for the goods and services supplied within any designated state.
- IGST or the Integrated GST is collected by the center when goods or services are supplied in-between states.
- SGST or the State GST is charged by the state's government for the interstate supply of commodities and services.
According to Section 49 of the Central Goods and Services Tax Act along with the compulsory rules published by the Central Board of Excise and Customs (CBEC), monitor the upgraded payment procedures for GST. The following options are made available for all small plus big businesses to officially pay GST online.
- Electronic Ledgers that include credit, liability, and cash ledger facility under forms- GST PMT-02, GST PMT-01, and GST PMT-05 respectively.
- Mannerly and cross utilisation of ITC (Input Tax Credit).
- Electronic payment forms.
- UIN (Unique Identification Number) per transaction.
- Interest in postponed payments.
Who all are accountable to pay GST?
Generally, any supplier or purchaser of goods and services is subject to pay GST. Different kinds of commodities have a certain amount of taxation to pay. The liable is subject to change in terms of imported or intrastate commodities due to different tax rates in every state. You are responsible to pay GST if you:
- Are registered under GST are making taxable supplies.
- Registered and required to pay taxes under RCM (Reverse Charge Mechanism).
- E-commerce administrators enrolled under GST for various supplies.
- Registered under GST for TDS (Tax Deduction Services).
- For the collection of taxes under TCS (Tax collected at Source).
Every challan or transaction is done online which takes the hassles away like- standing in lines, waiting for turns, bribing, and other illicit methods a backseat. The convenience of paying and recording your invoices online is not just a step to approach Digital India but ensure safer deals. GST can easily be paid via UPI, Net-banking, and Debit/Credit cards.
|GST PMT-01 Electronic tax liability register||Any interest, tax, penalty, late fee, etc will be debited in this specific register|
|GST PMT-02 Electronic credit ledger||ITC claims are credited in this register|
|GST PMT-03 Refund to be re-credited||The rejected amount debited from electronic credit ledger or cash ledger will be refunded or re-credited by an officer|
|GST PMT-04 Electronic credit ledger discrepancy||This form will intimate discrepancies observed in the electronic credit ledger|
|GST PMT-05 Electronic cash ledger||Any interest, late fee, tax, or penalty that is concerned to be paid in cash are credited here.|
|GST PMT-06 Challan for the deposit of tax||Generating and paying a challan|
|GST PMT-07 For intimating discrepancy in any payment||The application is intended for the taxpayers when their debited amount doesn't get conveyed by the ban to the common portal or when CIN was generated but not reported by their respective bank within 24 hours of their debit.|
Follow these easy steps to pay and perform all your GST transactions online:
Step 1- Open the official GST website- https://www.gst.gov.in/
Step 2- Login with your credentials i.e, username, password, and the Captcha code to get verified.
Step 3- After logging in go to Services, click on payments, and then click on Create Challan.
Step 4- Fill the form that contains details on the type of GST, tax, penalty, interest, fees, and other columns.
Step 5- Select your method for payment from the options of- Over the Counter, NEFT/RTGS, and E-payment. (Please Note: There is a limit of INR 10,000 via authorized banks for the over the counter payments).
Step 6- After clicking on Create Challan, an invoice containing all your filled up information appears on your computer screen.
Step 7- After making your payment, you can download the slip on your laptop or pc.
Step 8- If you wish to pay Cash in the bank, please take a printout of the Challan invoice and submit it to your branch.
Step 9- Finally after the payment is done, the details of the tax paid will be sent to the taxpayers' cash ledger account.
Any payment you make or intend to pay can be updated before finalisation. If you have accidentally uploaded incorrect numbers or transaction amounts, you will have to abort the entire process and visit back to the GSTN portal and start filing again.
Many companies, restaurants, organisations, and services had previously provisioned various kinds of taxes that included VAT, Service, Tips, etc. which made the final billing of any commodity way higher than the average MRP. This also affected small town merchants and consumers who used to deal in wholesale hence intentionally levying heavy taxes.
GENERAL TAX STATS in India for paying GST
- Electronics, Cinema Theatres, Alcohol- 28% and above
- Public transportation, food, dairy, restaurants, and fuel- 5%
- Handicrafts, textiles, retail, and telecom services- 18%
You can always track the status of your GST online by- logging in with your saved credentials. Click on Services, and the Track Status option should appear. (Please Note: The application and type of status might differ according to your invoices.)
The validity of any online GST certificate for a casual taxpayer or a non-resident payer is of 90 days that can be extended as per needs.
- Remember, it is always safer to pay all your GST bills via the online portal, with proper proof and records that can be used to track down if something goes missing or wrong.
- If you ever encounter any mishaps during filing your GST online, contact your bank for thorough assistance as they have dedicated members for the same service.
- Generally, online payments are available for usage 24*7 but if you file your details between 8 am to 8 pm it will be counted for the same day.
- Any transactions done online after 8 pm will go on-record to the next date.
- By using GSTN Portal you can easily pay your CGST, SGST & IGST together in a single challan.
- The CPIN (Common Portal Identification Number) provided at the time of Generating your Challan will be valid only for 7 days, after which the system considers this 14 digits unique number invalid.
- While processing via banks, don't forget to get a printed copy of acknowledgment that will indicate your CIN (Challan Identification Number).
Goods & Services Tax: The Ultimate FAQ Guide
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Q. How to Calculate my GST Liability?
A. To calculate your GST liability, the first step is to calculate the net liability of IGST, CGST, SGST/CGST. The liability will be forwarded after availing deducted ITC in a taxpayer's ledger, generating balance for you to pay your GST liability online.
Q. How to pay through a Bank Branch?
A. For that you need to choose "Over the Counter" as your preferred mode of payment, followed by your registered bank and the type of instrument (Cash/Cheque/Demand Draft). After that, you will be able to generate a challan with a validity period under which you'd need to pay up.
Q. What is the due date for filing GST?
A. GST needs to be paid every month after filing GSTR 3B Returns which means that you will be required to pay and file returns of the previous month positively by the 20th of the consecutive month.
Q. Can I modify or edit your challan before generating it?
A. Yes, you can! Any challan that you save can be edited before you generate it.
Q. Does a business need multiple GST registration?
A. Yes, a business needs multiple registrations if it operates in more than one state in India. The same law applies for the business vertices no matter if they operate in the same state or multiple states.
Q. Is it a good idea to purchase a property during its early construction phase?
A. Yes, you can purchase a residential property during its early construction phase if you have a plan to stay there for a long period. This can lead you to enjoy the ITC beneficiary.