All about PMT-08 under New GST Return

Vaibhav Rathi

30 Mar, 2024

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.

Features and important points

•  PMT-08 is a standard form that can be used for GST returns, be it Sahaj, Sugam, or expected returns.
• This form will be filed monthly, even if the returns are filed every 3 months. This form is based on the sales made each month. When there are no sales in a particular month, then also the PMT-08 form is to be filed mandatorily.
• All the eligible input tax credits can be claimed with the PMT-08 form.
• This form can be filed in place of GSTR-3B.
• A penalty will be if the taxpayer claims more than the eligible ITC.
• When a short liability is declared in the PMT-08, interest is charged according to section 50 of the GST Act.
• Whoever is filing the return by GST RET-1 form must that taxpayer pay for the initial two months file PMT-08 form? The exact amount will be provided in the return form.
• Credit ledger or electronic cash ledger can be used to set off the liability in tax.
• The input tax credit, which was paid in the initial two months, will be available at the time of return filing with form GST RET-1.
• Details and information about the taxable value are not compelled to be declared in the form PMT-08.

Filing of GST PMT-08

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.

What is the due date of GST PMT-08?

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 20^th 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 25^th of the month.

What are the details included in GST PMT-08 Form?

The GST PMT-08 form is divided into 4 parts:

Parts 1&2 – General Information

Parts 1 and 2 of the PMT-08 form consist of the general details required in the form. Information such as:

1. GSTIN
2. Details such as legal and trade names
3. Filing date

Part 3 – ITC availed and self-liability assessed

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:

1. Liability to pay tax – other than reverse charge
2. Liability to pay tax –reverse charge
3. ITC availed

Part 4 – Tax payment

In this part, all the details relating to the tax payments are to be filled.

Part 5 – Verification

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.

Conclusion

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 20^th of the subsequent month. This method can improve the accuracy and simplification of tax compliance.

Frequently Asked Questions

Read Our Article: All About GST on Cross Charge Transactions

1. https://dor.gov.in/state-taxes