The New Form GST PMT-08 is used to make payment of self-assessed tax by all taxpayers under the new simplified GST returns. This form shall be used every month thereby replacing GSTR-3B for declaring and paying the monthly tax liability and claiming the eligible input tax credit.
PMT-08 form applies to all returns – SAHAJ, SUGAM, and Normal (monthly or quarterly).
A taxpayer who opts to do return filing on a quarterly basis needs to make a payment on a monthly basis depending on the supplies initiated within the month.
With the help of this form, only eligible ITC can be claimed.
Self-assessed liabilities will be paid for the initial two months of the quarter for quarterly filers and these amounts shall be populated to RET-1.
The credit of the tax paid within the initial two months of the quarter will be available at the time of return filing for the quarter.
Self-assessed liabilities will be paid within the 20th of every month.
Liability can either be settled out of the balance in the electronic cash ledger or electronic credit ledger, whichever is applicable.
Tax liability and input tax credit (ITC) availed will be based on self-assessment subject to the adjustment made in the main return of the quarter.
No comments yet, be first to comment.
You need to be logged in to comment.
Check your GST numbers in bulk. Check unlimited GST numbers with very cheap packages.