Understanding Form GST PMT-08 under the Updated GST Return System
Form GST PMT-08 is designed for quarterly taxpayers under the new GST return system, facilitating monthly self-assessed tax payments. It enables the declaration of tax liabilities and claiming of eligible input tax credit for the first two months of a quarter, due by the 20th of the following month. This form applies to all quarterly return types and mandates filing even without monthly supplies, with provisions for interest on late payments or incorrect declarations.
Form GST PMT-08 is a crucial document utilized by all quarterly taxpayers under the revised Goods and Services Tax (GST) return framework for the purpose of submitting self-assessed tax payments. This form is specifically designated for use during the initial two months of any given quarter.
Purpose of Form GST PMT-08
This form serves a dual purpose: it allows for the declaration and settlement of tax liabilities, and simultaneously enables the claiming of eligible input tax credit (ITC). It must be filed by the 20th day of the subsequent month for the first two months of the quarter. Following this, the comprehensive quarterly return (RET-1/2/3) is due by the 25th of the month immediately following the end of the quarter.
Key Details about PMT-08
- The PMT-08 form is applicable across all return types: SAHAJ, SUGAM, and Normal returns, exclusively for taxpayers choosing quarterly filing.
- Taxpayers opting for quarterly return filing are still required to make monthly payments based on the supplies conducted within each month.
- Only legitimate input tax credit can be claimed through this form.
- Self-assessed liabilities for the initial two months of the quarter, applicable to quarterly filers, will be paid via PMT-08, and these amounts will automatically populate into the RET-1 return.
- The credit for taxes paid during the first two months of the quarter becomes available when filing the main quarterly return.
- Self-assessed liabilities must be paid by the 20th of each month. Payments can be offset using balances from the electronic cash ledger or electronic credit ledger, as appropriate.
- Both tax liability and availed input tax credit are determined through self-assessment, with any necessary adjustments made in the main quarterly return.
- In accordance with Section 50 of the GST Act, any excess ITC claimed or understated liability will incur interest charges. Therefore, late payments will attract interest at the rate specified in Section 50 of the Act.
- It is mandatory to file this declaration even if no supplies were made during the month.