The Goods and Services Tax (GST) has emerged as a uniform method of taxation, making it easier to levy a single tax instead of varying taxes from different entities. But it has also added another stage for business owners and professionals selling and supplying goods and services – GST tax payment.
If you belong to any of these categories, you are mandated to file GST returns online. This blog will walk you through filing a GST return and discuss how you can calculate your tax liabilities.
If you are registered under the GST system of the country, you must file GST returns on behalf of your business. Each GST return consists of the following elements:
Based on these numbers, you can calculate your tax liabilities and pay the outstanding sum to the government. This is the GST payment you owe the government to move your goods and services.
You can file your GST payments online through the official government website (https://www.gst.gov.in/). The entire process can be completed virtually and does not mandate any paperwork. Here are the steps involved in the GST online payment procedure:
Log in to the portal through the provided credentials. If you are a first-time user, select the appropriate option and enter your provisional GST ID to log in.
You will notice four options on the top of the page, each with a drop-down menu. Select Services -> Payments -> Create Challan.
After you are redirected to the challan page, fill in the required details. Calculate and enter the amount you owe and select the mode of payment. You can complete the payment via Internet banking, credit/debit cards, NEFT/RTGS or the over-the-counter method.
Cross-check and confirm these details before selecting the ‘Generate Challan’ option. After selecting this option, you will be directed to a page containing all details regarding your taxes.
The completion of the payment will be reflected in the cash ledger of the taxpayer.
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When you generate a challan on the official GST website, you will be provided with four options to complete the payment:
You can use the NEFT/RTGS option to pay directly through the bank. Select the relevant option on the challan creation page and choose the name of the remitting bank. Obtain a hard copy of the challan and go to a nearby branch of the selected bank. Carry a cheque and pay from your account to complete the transaction.
