A. Form PMT -09
1. CBIC has recently introduced Form PMT-09 to transfer the amount available in Electronic Cash Ledger.
2. Using this from you can transfer the amount from one head to another of the Electronic Cash Ledger.
3. This form will enable the registered taxpayer to transfer the any amount available in Tax, Interest, Late Fees, Penalty of one major head to appropriate Tax, Interest, Late Fees, Penalty of appropriate major head.
4. In this form Major head refers to the CGST, SGST, IGST and Minor head refers to the Tax, Interest, Late Fess, Penalty.
5. One of the important benefits of PMT-09 is that taxpayer can rectify wrongly paid Taxes, Interest, Late Fees and Penalty.
6. However, this form is of no use if balance available in cash ledger is already utilized i.e. claimed in the GSTR-3B. Hence, Amount once utilized and removed cannot be transfer.
7. Using PMT-09 we can transfer amount available in the cash ledger only. Transfer of credit ledger balance is not
Steps to file PMT -09 –
1. Login to https://www.gst.gov.in/.
2. Click on the Services > Ledgers > Electronic Cash Ledger.
3. After opening electronic cash ledger, Click on the File GST PMT-09 for Transfer of Amount.
4. In the form PMT-09, there are 3 Tables – Balance Available for Transfer, Add Record, Cash Ledger Balance Preview.
5. In add record table, Taxpayer need to select Major head like CGST, SGST, IGST and Minor head like Tax, Interest, Late Fees, Penalties from which balance and to which balance is required to transfer.
6. In cash ledger balance preview table, taxpayer can see the updated cash ledger balances under appropriate head.
7. Taxpayer can preview and file the form using EVC.
B. Composite Taxpayer
1. Taxpayer can opt for the composition scheme for the FY 20-21 till the 30th June 2020. Last date for filing CMP-02 form for opting into the composition scheme is extended till 30th
2. Those who wanted to opt for the composition for this financial year should not file their GSTR3 B for the April, May, and June month.
3. If any taxpayer filed GSTR-3B Return for April, May, or June month then he cannot opt for Composition scheme for this year for any GSTN under same pan.
4. If Taxpayer is already registered under Composition scheme, then he is not Required to Opt-in again.
C. Other Recent Changes in GST
1. Interest on delayed filing of Return is now to be paid on Net Tax Liability.
2. New Return System under GST will be implemented from 1st October 2020. Till then GSTR -1 and GSTR- 3B Return is continued to be file.
3. E – Invoice and QR Code system is to be implemented from 1st October 2020.
4. Due date for filing GSTR -9 and GSTR 9C for FY 18-19 Extended to 30th September 2020.
5. No Late Fees will be chargeable for late filing of Annual Return for FY 17-18 and FY 18-19 in case Aggregate Turnover less than 2 Crore.
6. Now GST Taxpayer can file Nil Return with the help of short messaging through mobile number which is registered with the GST Portal.
7. If Taxpayer is company or LLP, then GSTR-3B can be filed through EVC till 30.06.2020 instead of attaching DSC.
8. If the E-Way Bill generated on or before 24th March and Expiring between 20th March to 15th April, then the expiry of the E waybill shall be deemed to be extended till 31st May 2020.
For more information you can contact on 8879882025 or you can mail at [email protected]