On 15th August, 2017 India completed 70 years of Independence and entered 71th year. One the biggest landmark in taxation restructuring as far as Indirect Tax is concerned, happened just about 45 days ago on 1st of July, 2017 with the implementation of GST. GST unlike other taxation regime would be system driven and system governed. Government has carved out a SPV as GSTN to manage the IT infrastructure of the law. There would be three electronic ledger of Every Taxpayers
- Cash ledger
- Credit Ledger
- Liability ledger.
Every ledgers has its individual importance and would play an important role while filing GST Returns. Every payment made under GST would be reflected in Electronic Cash ledger. Payment process under GST is slightly different then the earlier laws. GSTN seems to have got it right this time with little lengthy but an efficient tax payment mechanism. Tax payer can now pay through debit cards, (However as on date the system isn’t active), RTGS/NEFT payment are allowed for not so tech savvy people. Here we have attached a walk through payment process under GST which would help you in understanding the process and payment of taxes thereof
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