Tag: online tax payment

GST Payment Online: Everything You Need to Know

Tax payment used to be a tedious and time-consuming task before the advent of Goods and Services Tax (GST). Taxpayers were liable to pay various taxes, including service, value-added, and other indirect taxes that the state and central governments charged. However, ever since the government rolled out the GST taxation system, taxpayers have gained clarity in tax payments under the indirect tax regime. Now, they must submit their GST returns by the 20th of each month. The government has also introduced the GST payment online system that has significantly streamlined the tax payment process.

Here is an outlook of everything you need to know about the online tax payment system.

What is GST Payment?

Every taxpayer involved in the supply of goods and services must settle GST payments if their output tax liabilities exceed their input tax liabilities. The online GST payment portal streamlines the online tax payment process by enabling taxpayers to generate GST challans digitally and facilitate payments through various online channels.

How to Apply for a GST Number?

Follow these steps if you want to know how to apply for GST number:

  • Visit the GST portal.
  • Click ‘Register Now’ under the ‘Services’ tab.
  • Select ‘New Registration’ and fill out the required details, including state and district, name and PAN of business, contact details, etc.
  • Enter an OTP sent to your registered mobile number and email ID, and click on Proceed.
  • Enter your TRN and captcha to view your application status. 

Steps to Make GST Payment Online

Follow these steps to make GST payment online:

  • Login to the official GST portal at https://services.gst.gov.in/services/loginGST Login.
  • Log in to the portal using the required details and click on Services – Payment – Challan.
  • Mention the GST tax amount you wish to pay.
  • A ‘Payment’ section will appear, where you must select your preferred payment option to pay the challan. 
  • After selecting the mode of payment, click ‘Generate Challan’.

After completing the entire process, the system will generate an online challan that you can use to make the GST payment. 

Paying the GST via NEFT/RTGS Process

  • Log in to the GST portal using your login credentials.
  • Choose the NEFT/RTGS option from the available payment modes before generating the challan.
  • From the drop-down menu, select your bank supporting NEFT/RTGS payments.
  • Click “Generate Challan” to create a GST payment challan.
  • Once the system generates a challan, take its printout and visit your bank branch to complete the GST payment via NEFT/RTGS.
  • After completing the payment, you can check the payment status on the GST portal. The payment status will show as successful once the bank receives your payment confirmation. You can also use the UTR (Unique Transaction Reference) number to check your payment status or link your bank for future GST payments.

Steps to View Challan History

Follow these steps to search for and view your challan history:

  • Log in to the official GST portal.
  • Click Services – Payment – Challan history. 

Time Limit to Finish the GST Payment

The time limit for completing the GST payment depends on the date of gst challan generation. If you created the challan without logging in to the GST portal and want to make the payment via net banking, you must clear the payment immediately. However, if you wish to pay via an offline mode, the time limit will be up to 15 days.

Different Forms for GST Payment

There are different forms for GST payment, including the following: 

  • PMT-01: This is an electronic tax liability register where all taxes, interests, penalties, late fees, and other amounts are debited.
  • PMT-02: This is an electronic credit ledger that receives all ITC claims.
  • PMT-03: This is a register where all types of refunds are recredited. If the electronic cash ledger or electronic credit ledger rejects the debited amount, it is recredited to PMT-03 after proper confirmation. 
  • PMT-04: This is a discrepancy in the electronic credit ledger that taxpayers can use to communicate the discrepancy to an officer.
  • PMT-05: This is an electronic cash ledger where all tax, interest, late fee, and penalty amounts are deposited in cash.
  • PMT-06: It is a challan for tax deposit one may generate to pay a challan.
  • PMT-07: Taxpayers can use this application to intimate discrepancies relating to a payment.

Now that you know how to make a GST payment online, clear it in time to avoid legal complications and penalties. Regularly paying the tax projects you as a responsible business owner and increases your contribution towards the nation’s development.