What is GST payment?
GST payment is the periodical remittance of GST amount payable by the business. It one of the major requisites for a business to stay compliant. As per the guidelines, every registered regular taxpayer must make GST payment with a due date – 20th of every month along with the submission of GSTR-3B Return.
The GST payment can be made online - promising a seamless and transparent experience.
GST payment rules
As per the GST payment rules, if a person furnishes a GST Monthly Return without paying the tax due, the return furnished will be considered as an invalid return. Without furnishing the return for a month and paying the tax due, the subsequent month's return cannot be furnished. Also, if the tax due is not paid, interest will be applicable on the same, starting from the GST Payment due date on which the tax was supposed to be paid.
Hence, it is necessary to understand the GST payment method in order to avoid the penalties of non-payment of tax.
When to file GSTR 9C?
The last date to file GSTR9C for the financial year 2018-2019 is November 30, 2019. Typically, the GSTR9C must be filed on or before the 31st of December following the financial year which is under audit. (For example, for the financial year of 2018-2019, the GSTR9C must be filed on or by the 31st of December, 2020.)
GST payment calculations
In making the GST payment, the GST act allows the businesses to set the eligible input tax (ITC) with the output GST collected on the sales. Thus, before making GST payment, businesses need to first apply the GST Payment calculations. The GST payment calculations steps are given below:
