Know about the new functionality of Voluntary Payments on GST Portal-IIGST
Know about the new functionality of Voluntary Payments on GST Portal
The GST portal enables the Form GST DRC-03 for making voluntary payments by a taxpayer. The Form enables a taxpayer to make payment voluntarily before issue a notice under section 73 or 74 of the Central Goods and Services Tax (CGST) Act or within 30 days of issue of show-cause notice.
The important Frequent Ask Questions on this matter are given below:
Q. What is the facility for payment on Voluntary Basis?
Ans. Payment on Voluntary Basis is a facility given to tax payers to make payment u/s 73 or 74 of the CGST Act, 2017 within 30 days of issuance of Show Cause Notice (SCN).
Payment could also be made by taxpayers before SCN is issued.
Q. When can I make Voluntary Payment?
Ans. You can make voluntary payment before issue of notice u/s 73 or 74 of the CGST Act, 2017 or within 30 days of issue of show cause notice (SCN) under the said sections.
You cannot make Voluntary payment after 30 days of issue of SCN.
Q. Can I make partial payment against a liability declared voluntarily?
Ans. GST Portal does not allow for making partial payments against a liability declared voluntarily.
Q. How would the taxpayer know that the utilization of cash/ITC has been successful?
Ans. On click “Set-Off” button, if payment is successful, a success message is displayed along with PRN (Payment Reference Number) and all the relevant ledgers get updated.
Q. What is Payment Reference Number?
Ans. Payment Reference Number is a unique reference number for any payment transaction done on the GST portal which gets posted to Electronic Liability Register Part – II.
If you want to understand this functionality in practical on GST portal. Then you may register into IIGST weekly webinar session of 17th June 18 from 9.30am to 10.30am.
Registration Form: https://goo.gl/forms/1CUrCuXlsH3Stzc03
Visit website link: http://iigst.org.in/index.php/Webinar
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