2020-01-21 00:13:29GST CenterEnglishGST PMT-08 is a form that needs to be filed by a small taxpayer in order to make payment of tax on a monthly basis in new GST return system.https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2020/01/GST-PMT-08-Filing-Rules-and-Format.jpghttps://quickbooks.intuit.com/in/resources/gst-center/gst-pmt-08/GST PMT – 08: Filing, Rules and Format

GST PMT – 08: Filing, Rules and Format

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In its 27th meeting and 28th GST meeting, the GST Council approved the key features, principles as well as the format of the new GST return system. Eventually, in its 31st GST meeting, the council decided to roll out a new return system in order to support the taxpayers in respect of filing returns of GST.

As per the new GST return system, large taxpayers having an annual aggregate turnover of more than Rs. 5 crores are required to file monthly returns in GST RET – 1. Along with these returns, the taxpayers also need to file annexures GST ANX – 1 and GST ANX – 2.

However, small taxpayers having an annual aggregate turnover of up to Rs. 5 crores have the option of filing either monthly returns or quarterly returns.

If the small taxpayer chooses to file quarterly return, he must file GST RET – 2 (Sahaj) or GST RET – 3 (Sugam) along with GST ANX – 1, GST ANX – 2 and GST PMT – 08.

However, if such a taxpayer chooses to file monthly return, he’s required to GST RET -1 along with GST ANX – 1, GST ANX – 2 and GST PMT – 08.

These forms would replace GSTR – 1 and GSTR – 3B in a phased manner as per the transition plan chalked out by the GST Council. As per the 37th GST Council meeting, the new GST return system would be implemented in April, 2020.

This article explains what is GST PMT – 08, its format as well as important points that need to be kept in mind while filing this form.[/vc_column_text]

What is GST PMT-08?

GST PMT – 08 is a form that needs to be filed by a small taxpayer in order to make payment of tax on a monthly basis. In other words, this form is used to make payment of self assessed tax by the small taxpayers filing returns on a quarterly basis under the new GST return system.

The self assessed liabilities are required to be paid for the initial two months of the quarter for quarterly tax filers. Such a form needs to be filed even if no supplies are made in the month for which such a form needs to be filed.

Since the taxpayer pays the monthly tax liability through this form, such a form is a replacement for the current form GSTR – 3B. Thus, GST PMT – 08 is used to declare and pay the tax liability and claim eligible input tax credit.

Furthermore, the taxpayer must make the payment of self assessed liabilities through GST PMT – 08 by the 20th of the month succeeding the month for which tax is to be paid.

Once the payment is made, the taxpayer needs to file GST RET – 1, GST – RET 2 or GST RET – 3 by the 25th of the month following the quarter to which such a return pertains.

Points to Remember

  • Who Needs to File?

The taxpayers who opt to file tax returns on a quarterly basis have to make tax payments on a monthly basis though form GST PMT – 08. Such payment of tax depends upon the supplies made during a particular month.

  • Payment of Tax

A taxpayer opting to file quarterly returns needs to pay tax via form GST PMT – 08 on a monthly basis. This form needs to be filed along with all the returns including normal return (quarterly filing only), GST Sahaj and GST Sugam.

The payment of tax includes amount of:

  • tax payable under reverse charge and other than reverse charge
  • the tax already paid, both under reverse charge and other than reverse charge
  • adjustment of negative liability of previous tax period, both under reverse charge and other than reverse charge
  • tax paid through ITC and
  • the tax paid in cash
  • Payment of Self Assessed Liabilities

GST PMT – 08 is used to make payment of self assessed liabilities. Such a payment would be made for the first two months of the quarter. The self assessed liability includes both:

  • liability to pay tax other than reverse charge and
  • the liability to pay tax in case of reverse charge
  • Claim of Eligible ITC

Only the eligible ITC shall be claimed by the taxpayer through this form. Thus, ITC declared during the first two months of the quarter shall be auto – populated from form GST PMT – 08 in GST RET 2 or GST RET 3.

Furthermore, the credit of tax paid during the first two months of the quarter shall be available at the time of filing return for the quarter.

  • Settlement of Tax Liability

The tax liability can be settled out of electronic cash ledger or electronic credit ledger as the case may be. Furthermore, the tax liability as well as an input tax credit availed shall be based on self – assessment.

However, such a self assessed tax liability and ITC would be subject to adjustment in the main return of the quarter.

  • Interest on ITC

In case the taxpayer claims excess input tax credit or states short tax liability, he will be liable to pay interest at a rate prescribed by the government as per section 50 of the CGST act, 2017.

Furthermore, any late payment of tax will also demand payment of interest as per the rate prescribed.

  • Mandatory Declaration

The taxpayer filing quarterly returns under the new GST return system is required to file GST PMT – 08 mandatorily even if no supplies have been made during the month.

GST PMT-08 Format

Following are the components of GST PMT – 08:

 

S.NoParticulars
1.GSTIN
2.Basic Details
  • Legal Name
  • Trade Name
  • ARN
  • Date of Filing
B. Summary of Self Assessed Liability and Input Tax Credit Availed
1.Liability to Pay Tax
2.Liability to pay tax (other than reverse charge)
3.Liability to pay tax (reverse charge)
4.Input tax credit availed
S.NoDescriptionTax Payable (Reverse Charge and Other Than Reverse Charge)Tax already paid (Reverse Charge and Other Than Reverse Charge)Adjustment of negative liability of previous tax period (Reverse Charge and Other Than Reverse Charge)Paid through ITC (Integrated tax, Central Tax, State/UT Tax, Cess)Paid in cash (Tax/Cess, Interest and Late Fee)
Reverse ChargeOther Than Reverse ChargeReverse ChargeOther Than Reverse ChargeReverse ChargeOther Than Reverse ChargeIntegrated TaxCentral taxState/UT taxCessTax/CessInterestLate Fee
1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.
2.Basic Details
  • Legal Name
  • Trade Name
  • ARN
  • Date of Filing
B. Summary of Self Assessed Liability and Input Tax Credit Availed
1.Integrated Tax
2.Central Tax
3.State/UT Tax
4.Cess
5.Total
[/vc_column][/vc_row]

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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