Due Dates of GST Payment - Shah Consultancy Service

Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has revealed the due dates for the payment of GST. The GST payment due date for general taxpayers is 20th of next month while the GST payment due date for composition scheme dealers is 18th of next quarter.

GST Payment Due Dates for Both General & Composition Scheme Taxpayers

Type of Taxpayer	GST Payment Due Dates
General	20th Day of the Next Month
Composition	18th Day of the Next Month of Quarter
Non-Resident	20th Day of the Next Month
Input Service Distributor	13th Day of the Next Month
TDS Deductor	10th Day of the Next Month
TCS Collector	10th Day of the Next Month

Interest on Late Payment of GST

According to the GST Penalty regulations, an interest will be charged at the rate of 18 percent per annum from the taxpayers who fail to pay their taxes on time. The interest will be levied for the days after the due date.

Check the example below to understand it better: Suppose your tax liability is Rs. 2,000 and you have not paid tax on time for a given month. Now, if you pay tax after one day from the due date, your interest will be calculated as 2000*18/100*1/365 = Rs. 0.98 Per day. If you delay more than that, you’ll have to pay an interest of the same amount per day.

Penalty on Missing GST Due Date

In such cases, where taxpayers do not file their returns within specified due dates mentioned, he is obliged to pay a late fee of Rs. 50/day i.e. Rs. 25 per day in each case of CGST and SGST (in case of any tax liability) and Rs. 20/day i.e. Rs. 10/- day in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5000/-, from the given due date to the actual date when the returns are finally filed.

Rules and Regulations of GST Payment for Taxpayers

The electronic cash ledger will be credited if payment for tax, interest, penalty and fee has been made by internet banking, credit card, NEFT, RTGS. While the amount can be used for the payment of interest, tax, penalty which is remaining in the electronic cash ledger of the taxpayer
A payment for GST PMT-06 form is done through challan while the challan is only valid for the time period of 15 days. When the payment is done successfully, a Challan Identification Number (CIN) is generated. If in any case the CIN is not generated than the taxpayer can file Form GST PMT-07
Online payments even made after 8 pm will be credited on the same day to the taxpayer’s account. While there will be no physical challan accepted for the GST payment while the challans will be generated from the gst.gov.in only for all the payments of taxes, fees, penalty, interest
For the payment of challan under the 10000 rupees limit, it can be done over the counter with cash, cheques, demand draft through authorized banks while for the payments exceeding the amount of 10000 will be collected through digital mode only

Some of the Other Rules of the Challan are:

Just immediately after the creation of CPI and common portal identification number, all new challan can be modified or edited. If there is any change in the amount there must be new challan generated also if the challan contains an incorrect data will expire automatically after 15 days
Each and every challan must be issued with a separate cheque or DD
A partially filled challan can be saved in the post-login mode and can be accessed using the path Services > Payments > My Saved Challans. A maximum of 10 challans can be saved on the GST portal with the validity period of 7 days
The system will restrict any new generation of OTC challan if there is any unpaid OTC challan generated with the tax period amount exceeding rupees 10000. The challan will also automatically get canceled or expire after 7 day validity period
There will be UTR used in RTGS transactions with RBI. While the UTI must be linked, If in case the payment is not updated even after 2 hours on the landing page, there will be an option to link the UTR
On behalf of a taxpayer, the third party can make the payments

Provisions for Electronic Credit Ledger

The amount should be credited to the Electronic credit ledger which is filed by the person in his Returns. While the amount stated in the electronic credit ledger can be used for tax payments only. Any differences in the electronic credit ledger must be brought to the notice of an officer through form GST PMT-04.

According to the following order, a taxpayer must discharge his tax duties:

Self-assessed tax with other dues related to the returns of previous tax periods
Self-assessment tax and other dues concerned with the current text period
The amount payable under the rules and regulations act including the demand stated in section 73 or 74
Late payment interest on GST
Interest will be applicable at the rate of 18% if the payment is not done within the due date
A rate of 24% interest will be applicable in the case when a taxpayer claims excess of input tax credit or makes a reduction in the output tax liability