The taxes can be paid under GST by ITC, internet banking, Debit cards or on OTC which is over the counter. The electronic cash ledger form gst pmt 05 reflects the payment paid for tax liability paid through OTC debit card or net banking. In the GST portal, the challan also get generated for tax payments under gst in form gst pm 06. Here you can see the brief on form gst pmt 05 Electronic cash ledger and form gst pmt 06 for payment challans.
The below said tax liability payments made under GST would show in electronic cash ledger:
1. Excessive tax return paid under GST.
2. Payment for liability, Interest fees & penalty.
3. Payment done over the counter or net banking for tax liability.
4. Tax liabilities paid through electronic cash ledger form gst pmt 05
- Reference number in electronic cash ledger would include Bank reference number, order number, debit entry number, Acknowledgement number for tds and tcs.
- In case of any debit the tax period will be applicable, if not than this will be blank.
- At the source the gstin of deductor or tax collector, CIN for which challan been paid or debit will be seen in head description.
- Show cause notice pre deposit appeal, Application number or any liability for which payment is done would also come in head description.
- Claimed refunds from ledger or any other debits made for any liability will be reflected.
- The date and time generated for CIN is the date and time reported by the bank for the deposit.
- SGST means state good service tax, UTGST Stand for Union territory and CGST means central government, IGST stands for integrated goods and service tax.
For more information related to GST, visit Company Vakil website.