Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
As per the new GST return system, there will be two types of taxpayers. One with an annual turnover of less than five crore and the other with an annual turnover exceeding five crore. Small taxpayers are the ones who have a yearly turnover of up to five crore. The returns to be filed by the small taxpayers are RET-1, Sugam, and Sahaj. These taxpayers must pay the self-assessed taxes by filing the form PMT-08. Form PMT-08 is to be filed to reimburse the self-assessed taxes. The GST PMT-08 form is a declaration form. Individuals file this form to declare the self-assessed tax payment. This form is used to claim the eligible input tax credit and pay the tax liability. The PMT-08 is used by all taxpayers who file quarterly to pay self-assessed taxes.
The PMT-08 form must be filed mandatorily by all the taxpayers filing the quarterly GST returns. This tax is to be paid monthly by them. The tax liability of the particular month is decided by the total supplies made in that specific month. The input tax credit can also be claimed, but only ITC, eligible on the form PMT-08, can be claimed.
The PMT-08 form is a return form which is to be filed on a monthly basis. The payment is to be made by this form by the 20th of the subsequent month. After making the payment through the PMT-08 form, the other return forms, like RET -1/2/3, are filed by the 25th of the month.
The GST PMT-08 form is divided into 4 parts:
Parts 1 and 2 of the PMT-08 form consist of the general details required in the form. Information such as:
The third part is the summary of the self-assessed liability and the input tax credit availed. All the information relating to cess, central tax, state tax1, and integrated tax will be filled in. There are three main categories:
In this part, all the details relating to the tax payments are to be filled.
This verification states that you agree to all the details in the form above, and you must e-sing the form. Only after the verification is processed will the taxpayer be able to file the return.
With the implementation of the new tax system, which is the GST system, taxpayers now have a unified and structured tax framework, which is dependent on the yearly turnover. All the small taxpayers with an annual turnover exceeding five crore have to file the GST return form GST RET-1, Sahaj or Sugam and also file PMT-08 before these returns, as a form of declaration of paying all the self-assessed tax payments. PMT-08 is a very flexible form to be filed in the first two months; even when sales are absent in a particular month, the form is still to be filed. PMT-08 form is due on the 20th of the subsequent month. This method can improve the accuracy and simplification of tax compliance.
There are total of nine PMT forms in GST:• GST PMT-01• GST PMT-02• GST PMT-03• GST PMT-04• GST PMT-05• GST PMT-06• GST PMT-09• GST PMT-08
The PMT 08 in GST is filed for paying the self-assessed tax. It is to be filed on a monthly basis. It is to be filed in the first 2 months of the quarter.
The due date of GST PMT-08 is the 20th of every subsequent month.
You can file PMT 08 by visiting the GST portal.
Read Our Article: All About GST on Cross Charge Transactions
The insurance industry is on the edge of a transformative era. As we enter 2024, technological...
The Indian Cybercrime Coordination Centre reported a rise in digital financial fraud, which has...
During its 203rd meeting on 25th November 2023, the Securities and Exchange Board of India (SEB...
If you want to expand your portfolio beyond standard stocks and bonds, Alternative Investment F...
NBFCs in India encounter significant challenges related to the compounded effects of outstandin...
Are you human?: 8 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
We should know about the process of creating debit notes, credit notes, and how to revise an invoice under GST. In...
16 Mar, 2023
Every taxpayer, after GST registration, who is required to deduct tax at a source under GST will furnish...
29 Oct, 2020