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- PMT-08 is a standard form that can be used for GST returns<\/a><\/strong>, be it Sahaj, Sugam, or expected returns.<\/li>\n\n\n\n
- 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.<\/li>\n\n\n\n
- All the eligible input tax credits can be claimed with the PMT-08 form.<\/li>\n\n\n\n
- This form can be filed in place of GSTR-3B.<\/li>\n\n\n\n
- A penalty will be if the taxpayer claims more than the eligible ITC.<\/li>\n\n\n\n
- When a short liability is declared in the PMT-08, interest is charged according to section 50 of the GST Act.<\/li>\n\n\n\n
- 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.<\/li>\n\n\n\n
- Credit ledger or electronic cash ledger can be used to set off the liability in tax.<\/li>\n\n\n\n
- 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.<\/li>\n\n\n\n
- Details and information about the taxable value are not compelled to be declared in the form PMT-08.<\/li>\n<\/ul>\n\n\n\n
Filing of GST PMT-08<\/h2>\n\n\n\n
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<\/a><\/strong>, eligible on the form PMT-08, can be claimed.<\/p>\n\n\n\n
What is the due date of GST PMT-08?<\/h2>\n\n\n\n
The PMT-08 form is a return form which is to be filed on a monthly basis<\/a>. The payment is to be made by this form by the 20th<\/sup> 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<\/sup> of the month.<\/p>\n\n\n\n
What are the details included in GST PMT-08 Form?<\/h2>\n\n\n\n
The GST PMT-08 form is divided into 4 parts:<\/p>\n\n\n
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<\/a><\/figure><\/div>\n\n\nParts 1&2 – General Information<\/h2>\n\n\n\n
Parts 1 and 2 of the PMT-08 form consist of the general details required in the form. Information such as:<\/p>\n\n\n\n
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- GSTIN<\/li>\n\n\n\n
- Details such as legal and trade names<\/li>\n\n\n\n
- Filing date<\/li>\n<\/ol>\n\n\n\n
Part 3 – ITC availed and self-liability assessed<\/h2>\n\n\n\n
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 tax<\/strong><\/span>1<\/sup><\/a><\/span>, and integrated tax will be filled in. There are three main categories:<\/p>\n\n\n\n
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- Liability to pay tax – other than reverse charge<\/li>\n\n\n\n
- Liability to pay tax –reverse charge<\/li>\n\n\n\n
- ITC availed<\/li>\n<\/ol>\n\n\n\n
Part 4 – Tax payment<\/h2>\n\n\n\n
In this part, all the details relating to the tax payments are to be filled.<\/p>\n\n\n\n
Part 5 – Verification<\/h2>\n\n\n\n
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.<\/p>\n\n\n
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