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What is GST?
Goods and Service Tax (GST) is an indirect comprehensive tax on the supply of goods and services. On the basis of the transaction, the tax can be levied in three distinct forms.
The GST levied by the center on intra-state supply of commodities is CGST and by the state is known as SGST. IGST, on the other hand, is levied by the center for the inter-state supply of commodities.
One of the biggest benefits of GST is the convenience of being able to make GST payment online, especially for small businesses. This online method is much more efficient and quick for everyone rather than an offline payment. Moreover, it is vital to have knowledge regarding what is a GST return and the GST due dates for different types of returns.
How Can You Pay It Online?
It becomes very crucial to understand the process of how you can make the GST payment online. If you follow the deadlines each month, then you can avoid the penalties.
Methods of GST Payment
- Credit ledger
Input Tax Credit (ITC) as self-assessed will be reflected here. The credit in this ledger can be used to make payment of tax only and no other amounts such as interest, penalties, etc.
- Cash ledger
This ledger will reflect all the deposits made in cash and TDS or TCS made on account of the taxpayer. The taxpayer needs to upload details on cash ledger and credit ledger to pay tax on the GST portal.
Step to Follow to Make Gst Payment Online:
For making the GST payment online, there are certain simple steps that you have to follow.
- The first step is to access the GST Portal. You have to log in to the GST portal and enter your username and password. You will be asked to enter a captcha code that appears on the screen.
- The next step after you log in is to click on ‘services’, then ‘payments’ and lastly, click on the ‘create challan’ option.
- Enter the amount that you are supposed to pay along with the interest, fees, penalties if any. Then select the method of making the GST payment online. There are multiple options available in the method of payment. These methods are as follows:
E-Payment
Under this, GST payment is made via an internet banking facility directly on the GST portal. Once you click the E-payment mode, the next step is to click the net banking option. It will ask for your bank details that you then have to fill. This is one way of making the GST payment online.
NEFT/ RTGS:
The GST payment can be made through NEFT or RTGS. Here, the payment is made through cheque via account selected with the bank or account transfer facility.
Over the counter payment:
If the GST payable is less than Rs 10,000, then this method can be used. However, if the amount exceeds this limit, then the e-payment method must be used preferably.
- After filling out the details and choosing the payment mode, there are two options available. You can either click on ‘save’ which implies that this challan would be saved and you can make the GST payment online later anytime you wish to before the expiry date. The second option is ‘generate challan’ if you wish to pay the amount now.
- Once you click generate challan, a summary webpage showing all your personal details and amount you have to pay will open along with the challan generation and expiry date. The personal details include your name, email ID, mobile number and address.
- Click the option of ‘make payment’.
The procedure for the GST payment online is fairly simple for anyone who is acquainted with using a computer and even for people who are not. It makes the transactions quicker and much more efficient.
What is a GST Return?
A GST return is a document that will contain all the details of income that the taxpayer requires to file with the tax administrative authorities. It is used by them to calculate the tax liability.
Types of GST Returns and Their Due Dates for Filing as per The GST Law:
There are different types of GST and their GST due dates for payment differ in accordance with their type. It is crucial to understand each type of return.
GSTR-1:
It is the return to be furnished for reporting details of all outward supplies of goods and services made. These are filed monthly. Their GST due date is the 10th of every month.
GSTR-2:
The details of inward supplies of taxable goods and services effected claiming input tax credit are filed monthly by the registered taxable recipient. Their GST due date is the 15th of every month.
GSTR-3:
It is a return done monthly on all the details of the outward supplies of goods. This return is auto-generated based on information furnished through FORM GSTR-1, FORM GSTR-2. The GST due date is on the 20th of every month.
GSTR-4:
This is the return for a taxpayer registered under the composition scheme. It has to be paid quarterly on the 18th of the month succeeding quarter.
GSTR-5:
It is the return for non-resident foreign taxable person. The GST due date is the 20th of every month.
GSTR-6:
This is the return for the input service distributor. It is to be filed by the 13th of every month.
GSTR-7:
This return is filed by the authorities deducting tax at source. The GST due date for this return is the 10th of every month.
GSTR-8:
The details of the supplies effected through e-commerce operator and the amount of tax collected has to be filed by the 10th of every month.
GSTR-9:
This is an annual GST return that has to be filed on or by the 31st of December.
GSTR-10:
This is the final GST return that has to be filed by the taxable person whose registration has been canceled within three months of the cancellation date or the date of cancellation order, whichever is later.
GSTR-11:
The details of inward supplies to be furnished by a person having UIN on the 28th of the month following the month for which the statement is filed.
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