The use of technology is the Best part of GST. Every Registered Person will get his profile created on GSTN Website and facilitated with Dashboard, and will have access on information like he operates his bank account on Internet. From the Input Tax Credit he is eligible to claim, to know his tax liability and detail of all payments made by him, TDS/TCS made on his behalf etc. He will have access on all information. Basic system of GST Payment would be Like TDS in Income Tax. Difference is here it will be maintained in three parts.
1.) First an Electronic Register that will display what is payable (Tax, Interest, Late Fee, Penalty Etc)
2.) Second Electronic Credit Ledger that will display how much credit (Input Tax) is available to use/adjust against payment of Tax. (Tax Only and not Interest/Late Fee/Penalty etc.)
3.) Third Electronic Cash Ledger to display payment made by registered person or TDS/TCS made on his behalf and can be used to discharge his balance tax liability after claiming input tax credit or to make payment against any payment other than Tax.
Thanks. [GstSutras7]
No comments:
Post a Comment