Complete information on GST payment, eligibility for making GST epayment, Calculation, know How to make penalty on GSTpayment, track e pay tax challans…
GST is now a mandatory check point for every business entity and individual to file for income tax taxation. The GSTR-1 is important to be filled every month to report the sales and one must file GSTR-3B to report the income tax credit. It is mandatory to mention your GST number in all your payments to have a clear view of taxation and also having a valid GST number will let you claim refund in any claim form raised.
As per current standards every buyer must view the GST number on their bill for their income tax returns and as well notice the payments made through the GST. In this article we will come across the GST Payment and other important points of GST to consider.
Here we will go through some descriptions of the GSTPayment which let you know what the payments are made under GST and how the GST is calculated on your product.
What Payments made under GST
Here is a list of different GST from state and central along with interstate supply of Goods which have their different percentage while going to use that product.
- IGST – Interstate Supply when made, need to paid this IGST to the center
- CGST – center supply of good need to pay CGST to Center
- SGST – If Supply is in state, then these SGST need to be paid to state
- Tax Deducted at Source: The TDS mechanism by which tax is deducted by the dealer before the payment to the supplier is not made.
Example of GST Payment
Here is a detailed example of applying the GST for goods that are being transported from supplier to buyer or to another supplier.
- IGST: Goods Sold from one state to another not including the National wide range asked to pay the IGST on the goods as per the government percentage applied.
- CGST: the goods when moved at the level of center which even include if Goods sold within state asked to pay CGST.
- SGST: Goods when moved from one city of state to another city in the same state, then they asked to pay the SGST along with CGST.
Who should make GST Payment
Here is a list of dealers who require to pay the GST and come in the list of mandatory dealers.
- An individual who registered as dealer must pay GST liability
- Registered Dealer must pay tax under the reverse charge mechanism
- All e-commerce operator must pay the GST Payment
- Any dealers who is deducting TDS must pay GST
How to Calculate GST
In usual the Input Tax credit is going to be reduced from Outward Tax liability to have the value of GST payment. As well while calculating the GST the TDS and TCS will be reduced as they are paid separately by the supplier.
If the ITC has been claimed on late fees or interest, then it will not be applicable and will be required to pay the GST tax as per the regulation. The calculation of GST is done through Regular Dealer or through Composition Dealer.
Regular Dealer GST: A regular dealer asked to pay GST on the supplies made and is eligible to claim income tax credit on the purchases made. The GST will be different from the outward tax liability and ITC for this section.
Composition Dealer GST: The GST from a composition dealer is very simple and any dealer who has agreed for composition GST must have to pay the fixed percentage of GST. The GST will be applied as per the business type dealer is holding.
How to Make GST Payments
In general there are two different ways by which one can make the GST payments for their products.
GST Payment by Credit: The credit ledge which does include the income tax credit on the products from the dealer for their GST payment. The credit can only be taken on valid goods which don’t include late fees, penalty, or interest on them.
GST Payment by Cash: Cash is a mode of payment which can be processed through online or offline. The challan will be generated on the GST portal which can be directly paid from any easy mode of payments.
Payment of GST can also be made through Demand Draft, Cash, Cheque or by visiting the official GST epayment website to make payment through NEFT or RTGS.
GST Payment Penalty
There is a regular choking on products releases by the dealer. If they find without the GST Payment, then they apply penalty. In general the penalty from GST will 10 percent of the total value of Goods that involved in that invoice.
GST Payment Online
Here are some important points that one should check. Also remember before they are going to make GST epayment.
- Online payments are only valid if the payment is through Internet banking, credit card or debit card.
- Taxpayer can also make payment of GST without logging into the GST portal all time
- There are only selected lists of banks in the GST portal other than which no bank is preferred for payment.
- A receipt to take after the payment of GST is mandatory. It is more important if the payment is processed without logging in.
GST Challan Payment
It require to get your GST challan from the official website of GST through using your GSTIN number. Here are the two methods which help you find out the GST challan without logging or login in the GST portal.
In this method, you don’t need to login into the GST portal to get your GST Challan. Just follow the below steps and get print of your challan.
- Visit official site of GST
Go to the official website of GST form your browser or go through this link https://www.gst.gov.in/
- Click on payments under Service section
Now click on Service and then click on Payment under it
- Tap on create challan and provide GSTIN ID
Then tap on create Challan and enter your GSTIN ID here
- Click on proceed
Tap on Proceed button wand wait for the page to open with columns
- Enter tax and interest
Now enter the tax and interest in table then used payment mode
- Click on generate challan after filling details
Once details filled, then click on Generate Challan to get your GST challan
- Complete your payment and download receipt for future reference
That's it! Your GST chalan is ready and your payment is done. You can click on the download button to get your GST challan printed for your reference.
In this method, we will be using the GST portal credentials generated when you register with yourself. So follow these steps and get your GST challan with this post login.
- Go to the official website of Goods and Service Tax for GST at gst.gov.in
- Click on Home button and then click on Login button
- Enter your username and password, then tap on Login button
- Tap on Create Challan under Services to open page https://payment.gst.gov.in/payment/
- Fill your details and select then Payment modes form the option
- Tap on Generate Challan button to get the GST challan
- That’s it! here you can select the Download Challan button to print your GST chalan for your future reference.
How to Track GST Challan
If you have made payment for GSTIN, then track the status of your challan by visiting official website. Make sure you have your GSTIN number to get the status.
- Launch the Goods and Service Tax official website https://www.gst.gov.in/
- Tap on Services and then tap on payments form list
- CLick on Track Status and then enter your GSTIN number
- Provide the security code and click on search button to proceed
- That’s it, The CST challan status of your respective GSTIN number will be on screen. You can make payment if necessary or take the print of payment made for your future reference.
A taxpayer can take up a grievance if have any issues on payments, or any other queries related on GST. Go to official GST Portal to raise a grievance by following the steps.
- Open official site of GST portal ( https://www.gst.gov.in )
- Click on services present on top of page and select on payments.
- New page opens with three quick links and select Grievance against Payment
- Provide the details asked and enter the complaint information and submit.
- Why is GST Payment Necessary?
As per the current Indian government regulation for Taxation, the Goods and Service tax has been made compulsory. As the older individual taxes have been removed and the one alone GST has been implemented at the state, center and interstate level.
- When does GST have to be paid?
As per the tax regulation for Indian government, it is mandatory to pay the GST payment. If your annual turnover has been exceeded with Rs 20 Lakhs. Thus if the annual payment does increase for business turnover, it will be mandatory to make the GST payment.
- Who is going to pay the GST Payment?
The GST must pay by both the buyer and seller, which can be different at different types of goods. The buyer must pay the GST bill for their goods which will be minimum. The same share of GST payment must pay by the seller before selling their Goods.
- Shall I pay all three types of GST for Goods?
The GST is applicable as per the transportation of Goods. It is based on the selling of goods and apply different types of GST. The interstate GST applies alone on the product which is between two states. The other two CGST and SGST will apply together as required on product invoice. It does move between all states and between cities.
- Am I eligible to get a GST Refund?
A retailer or individual who is eligible for GST must make a GST payment regularly. At the end of the year, you need to visit the official portal of GST. Apply to check if there are any hot points to get the refund. In any case, if you pay GST in excess, then the amount will refund when the individual applies in the GST portal.