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GST PMT 08 Online Filing Process with Due Date

GST PMT 08 Filing Process

What is GST PMT 08?

Form GST PMT-08 is introduced under the new simplified GST Returns, this helps the taxpayers to make the payment of self-assessed tax like TDS or ITC. The form is used instead of GSTR 3B. A taxpayer has to use this form every month for declaring and paying the monthly tax liability and claiming the input tax credit entitled to him.

Due Date of GST PMT 08

The payment of self-assessed liabilities and its due date arrives every 20th of the month for discharging TDS or ITC payment to the government.

Assessees Mandatory to File GST PMT 8

All the assessees who have opted to file a quarterly return of GST are required to pay such taxes to the government every month. Such payments are to be made through the form GST PMT 8. One should remember that the supplies made during any particular month, determine the tax liability for that month.

Read also: GOI also Released New GST PMT 09 Challan Form for Amount Transfer The step by step guide of filing GST PMT 09 challan online. Also, We have added the details of eligibility along with important points

Amounts Included During Payment of Tax

All the assessees who have opted to file a quarterly return of GST are required to pay such taxes to the government every month. Form GST PMT 8 required to be submitted along with all the other returns like normal returns filed quarterly, GST Sugam and GST Sahaj.

The amounts to be included while making tax payments through GST PMT 8 are:

Inclusions in Payments of Self Assessment Liabilities

Form GST PMT 8 is also used to pay all the self assessed liabilities calculated by the assessee. The payment related to such liabilities will be settled in the first two months of all the quarters. The Inclusions in Payments of Self Assessment Liabilities will be

Claims Related to the Eligible ITC

The assessee will be allowed a claim for only that ITC for which he is eligible through the form GST PMT 8. The claims arising from form GST PMT 8 will be automatically considered under GST RET 2 (Sahaj Form) Get to know complete details of the new GST SAHAJ return form along with all supportive GSTR forms such as ANX-1, ANX-2, GST RET-2, RET-2A, GST RET-1A and GST PMT 08. Read More or GST RET 3. The total amount of credit arising from the GST payments in the first two months of the quarter will be available during the time of filing of the quarterly returns.

Settlement of Tax Liabilities Arising for the Quarter

All the tax liabilities arising can be settled through electronic cash ledger or electronic credit ledger accordingly. The amounts of tax liabilities and ITC will be assessed through self assessment only. All the adjustments of ITC and tax liability will only be made during the filing of quarterly returns.

Treatment of Interest Charged on ITC

Section 50 of the CGST act, 2017 determines the interest rate to be charged on the assessee for claiming the amount of ITC more than his actual eligibility. The late payments of tax can also attract some interest as a penalty.

Compulsory Declarations

All the assessees who have opted to file a quarterly return of GST are required to pay such taxes to the government every month even if no supplies are made for any specifi month of the quarter.

Important Aspects to File GST PMT-08

Format of GST PMT 08 (Payment of Self-Assessed Tax) Form

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