At Tax Vibe, we are committed to make tax payment simple for small as well as large business owners in northern India. Since goods and services are set to replace various indirect taxes, we have started this series to providing information about GST and its payment rules. In this article we have mentioned some common information regarding the GST payment rules.
As per GST law, each and every registered member with GST is appointing a unique identity number. A separate electronic ledger is providing to account GST tax, penalty for any cases in terms of GST payments and Interest on GST. Every deposit made towards interest, tax, penalty or any other amount by a taxable person by internet banking, national electronic fund transfer and using credit/debit cards or by any other mode, subject to such restrictions and conditions as may be prescribed in this behalf, shall be credited to the electronic cash ledger of such person to be preserved in the manner as may be prescribed. Explanation – the account credit date of the applicable government in the authorized bank shall be assumed to be the date of deposit.
You can check GST Payment Rules below: