GST - PAYMENT OF TAX - Draft Rules 31-3-2017

GST payment rules establish electronic ledgers for tax, credit and cash with prescribed debit/credit procedures. The draft rules establish electronic registers for GST liability (FORM GST PMT-01), electronic credit ledger (FORM GST PMT-02) and electronic cash ledger (FORM GST PMT-05). Liabilities are debited to the tax liability register and discharged by debiting the credit or cash ledger; appellate relief or penalty adjustments re credit the liability register. Credit ledger entries arise from input tax credit claims and refunds, with prohibited direct entries and prescribed forms for correction and re credit (FORM GST PMT-03, PMT-04). Cash ledger payments use portal challans (FORM GST PMT-06), CIN issuance, and prescribed payment modes and procedures.