PAYMENT OF TAX

(GST Sections 49,50,51,52 & 53 CGST Rules 85, 86, 87& 88)

SECTION 49 PAYMENT OF TAX INTEREST PENALTY AND OTHER AMOUNTS

Sub-sec.1 Every deposit of tax, interest, penalty and fees through internet banking of debit card and credit NEFT RTGS
through the electronic cash ledger account.

Sub-sec.2 Input tax credit as self-assessed in the return.

Sub-sec.3 Amount available in Electronic cash ledger may be used towards tax, interest, penalty, fees or any other amount
payable.

Sub-sec.4 Amount available in Electronic credit ledger account for payment of output tax.

Sub-sec.5

IGST Credit: First to IGST Second to CGST Third to SGST to UTGST Section 44 (5) a CGST Act
CGST Credit: First to CGST Second to IGST (Not allowed to SGST) Section 44 (5) b CGST Act
SGST Credit: First to SGST Second to IGST (Not allowed to CGST) Section 44 (5) c d SGST Act
Sub-section.6. Balance amount can claim as refunded in accordance with the provisions of Section 54

Sub-Sec.7 All records maintained electronically.

Sub-Sec.8

Sub-sec.9

SECTION .50 INTEREST ON DELAY PAYMENT OF TAX

1).Interest on delay payment of tax @ 18%. (Section 50 of CGST & SGST act NT.13/2017)

2).Interest on delay payment of tax @ 20%.

3).Interest on delay payment of tax @ 24%. (Excess claimed ITC not paid output tax)

SECTION .51 TAX DEDUCTION AT SOURCE

Mandate to deduct the tax on the contract value (goods or services or both) exceeds Rs.2.5 (Two lakh fifty thousand).

No deduction shall be made supplier and supply in the same state or UTT.

Deducted amount shall be remitted to the govt. by the deductor before 10th of next month.

Deduction amount not remitted to the Govt. within 5days 100 rupees per day or 5000/-.

SECTION .52 COLLECTION OF TAX AT SOURCE

Order of discharge liability:

Self-assessed tax and other dues related to returns of previous tax periods.

Self-assessed tax and other dues related to returns of current tax periods.

Any other amount payable under this act or the rules made there under including demands under sections 73 & 74.