248.
Assuming
GST rate @18%, determine
the methodology of payment of tax of a taxable
Registered dealer
Outward supply = Rs.1 crore
Inward supply = Rs.70 lakh
Available
balance in electronic credit ledger = 2 lacs as appeared in Form GST PMT-2
Taxable
person shall upload outward supply detail then his Tax liability register (Form
GST PMT-1) shall be debited by 18 lacs (return relates to liability).
The
taxable person shall upload inward supply details then his electronic credit
ledger ( Form GST PMT-2) shall be credited by 12,60,000 (70 lacs * 18%).
Now
before filing of monthly return (or within such time as may be prescribed by the
govt to pay tax) taxable person will calculate his tax liability and pay:
a)
Outward tax liability = 18 lac
b)
Credit available= 12,60,000
Amount
payable (a-b) = 3,40,000