Electronic Liability Register Under GST Law

Electronic Liability Register Under GST Law

Dated : 20 Aug, 2018

Posted In : GST News



Description

Electronic Liability Register under GST law

According to 49(7) of CGST Act, all liabilities of taxable person under this act shall be recorded and maintained in an “electronic liability register” in such manner as may be prescribed. As per rule 85 of CGST rules 2017, the electronic liability register specified under 49(7) shall be maintained in FORM GST PMT-01 for each person liable to pay tax, interest, penalty, late fee or any other amount on the common portal and all amounts payable by him shall be debited for the said register. The electronic liability register is maintained in FORM GST PMT-01 for each person liable to pay tax, interest, penalty, late fee or any other amount on common portal.

The electronic liability register will be maintained in two parts at the common portal:-

  • Part-I will be for maintaining the return related liabilities. All liabilities accruing due to return and payments made against the same will be recorded in this part of the register and payment made against the same will be recorded in this part of register
  • Part-II will be for maintaining the complete description of transaction of all liabilities accruing, other than return related liabilities.

WHY REGISTRATION KARWALO?

members and certification