This morning we will discuss about when and how the payment of taxes with me and the Goods and Services
Before we move on to understand on the payments and the GST is first frustrating how defaming you would
be dead and the GST.
So the deal is ended up getting back to just a dealer would be first processed by the application service
providers as the ears piece and then it would be passed on to to provide the service.
And finally the data will be entered into the GST network thus is B and he has been providing the much
needed support to the taxpayers in the ecosystem for GST.
With the digital drive being adopted by Tim Gorman he’s encouraging to make most of the payments electronically.
Therefore any payment greater than 10000 will have to be compulsorily required to be made electronically
and that the GST will all be payments less than 10000 can be paid by cash or check and the gunman authorised
banks while we discuss the threshold for payment.
So Tony can we not discuss what types of ledgers to be making on the GST.
So the three main types of ledger and the GST for payments of liability ledger which is from BMT one
credit ledger which is from BMT to and Catholic-Jewish which is from BMT Fife.
Now let us discuss each of the ledgers in the days.
We begin with electronic tax liability Leger’s which is form GST BMT one in this ledger the tax liability
of our tax bill or anything of the particular will be shown this ledger will be automatically displayed
on GST taxpayer’s dashboard.
This Ledger needs to be maintained by all the registered taxpayers in an electronic form and displays
the detectors that they do from a regular factory an interest penalty.
I notice that each of the major payments can be made using the tax credit available in the electronic
Make us look at how the electronic tax liability would look like so it would have be like a date reference
number description type of transaction details of see GST GST broken down to the display tax interest
penalty fees and those and the total and finally the details of the balance tax favored it will be further
broken down into tax interest penalties fees and others.
A few points to be noted for this form on all the liabilities and payments made against the liabilities
will be recorded in this ledger.
Liabilities for the composition section of registration will also be covered in this park.
So in the lives need to register on their tax bill in that the date of application or order form as
the case may be will be treated as invalid in value.
If the closing balance is positive we now want to disclose the next ledger which is the electronic ledger.
This Ledger is moving from BMT to.
So let us understand electronic Malignaggi of anything in this ledger in tax.
SS The multi-talented can be very effective here in this ledger can be used to make the payment of tax
only and that amount to just interest penalties fees etc. would be allowed to be paid to this ledger.
Every claim of tax credit is credited to this ledger.
Electronic credit Ledger can be every day to the extent of discharge of any liability amounts to the
extent of the Franklin on under-utilised amount to be diverted from the ledger
tax credit and the following can be transferred to the electronic credit Ledger tax credit available
to the branch for a month of credit transfer by the books of his distributor’s tax credit which has
installed semi-finished and finished goods in GST legislation is applying the tech details of the life
tax credits on input install semi-finished and this goes by that’s been in the competition is keen and
we’re getting converted to a normal taxpayer will also be allowed to be transferred under the electoral
tax credit on taxes paid.
I that he was Charles mechanism would be allowed to be really good in this ledger and finally in tax
credit on goods or services used for business purposes the extent for business purposes would be allowed
to be credited to this ledger.
Now let us quickly look at how the electronic Brigade-Major or funkiest EPMD would look like it would
be to display the reference number fax feeded description type of transaction.
So security is used in GST feed I got to get into the matched taxes mismatch taxes.
Taxes and the total amount of taxes paid and the balance amount in the ledger which will be further
segregated into categories like mass mismatch and the total of all important points to be noted for
this form of credit of inputs.
GAFFIGAN good you charge claim in this thread.
They to involve so on account of my religious education etc. will be recorded to me in this nature.
From the same major head of from the other major head that is cross utilization in the quarter.
Accordingly utilization of credit for return
will be recorded separately.
The claim from input that’s critically injured.
The building is projected to be drawn back.
Lastly we will discuss the gastly this ledger will flick all the deposits made in cash and is what see
is made on account of the backspins disclosure can be used for making any payment on account of GST
This legit needs to be maintained by taxable bosun’s electronic form among deposited and everything
the payment the deposit shall be made to any of the following moves.
It can be made to the Indian banking to banks to try to enhance the national electronic fund transferred
That is also coming from anyone or B.
That is what they call the payment to authorize banks for deposit of ten thousand payments can be made
under three different major heads of GST that is sending goods and services times and social status
and goods and services tax.
It is further divided into two different minor heads like tax the fees and others.
Electronic leisure to read every day for the go to value for payments of any major or minor combination.
It displays the balance of the to be a combination of the major and minor heads the funds received by
the taxpayer gets reflected in this ledger
Let us now look at the phone just EPMD Phyfe it includes things like the number facts be the description
type of transaction of security is used I just the segregated into say tax interest fees others and
And finally the closing balance of the ledger we just further divide it into tax interest penalty fees.
And finally for like any other form following a few of the importante do that needs to be noted for
First and foremost is that the reference number includes just by reference number entry number or that
number if an acknowledgement number of written in case of tedious and created that spirit if applicable
for any debris will be recorded.
Otherwise it will be left blank.
You see in aggregate collected there is e-commerce operators identification number of detail on the
deposit has been made cash balance transfer from cash legitimate transfer of the business type of liability
for any debate has been made.
The A be under the description
application number and he shows this number.
Mine ID redeposit for a fee on any other liability for which payment is being made will be recorded
under the description.
And finally differently from the lender or any of them that it’s me going to be recorded in this ledger.
This does we never do on payment of taxes and the GST in the next month you will discuss about the involved