Chart 13- Payment Of Tax

Question 1

Procedure for payment of tax

Answer 1

Generate challan -> CPIN generated (14 digit) -> make payment-> at credited to govt. -> CIN (18 digit) -> at credited to E-cash ledger

₹10,000 restriction over the counter
N/A for govt. Or P.o

Question 2

E- cash ledger

Answer 2

Amt used for making payment Dr.
To every deposit made towards TIPLO

Question 3

E- credit ledger

Answer 3

Amt used for making payment of output tax Dr.
To ITC as self assessed

Question 4

E- liability ledger

Answer 4

All liabilities Dr.
To payment of liability

E- cash: TDS, TCS, Tax under RCM & u/s 10, IPLO

Question 5

Manner of discharge of liability

Answer 5

1. Dues of returns related to previous tax period
2. Current tax period
3. Any other amt payable

Question 6

Manner of utilization of ITC

Answer 6

IGST Payable -> IGST

IGST should be exhausted

CGST Payable-> IGST, then CGST
SGST Payable-> IGST, then SGST

If Value of Taxable supply per month > 50 lakh , can only use upto 99%