247.            Assuming GST rate @18%, Determine the methodology of payment of tax of a taxable Registered dealer.

Outward supply = Rs.1 crore

Inward supply = Rs.70 lakh

Taxable person shall upload outward supply detail then his tax liability register (Form GST PMT-1) shall be debited by 18 lacs (return relates to liability).

The taxable person shall upload inward supply details then his electronic credit ledger ( Form GST PMT-2) shall be credited by 12,60,000 (70 lacs * 18%).

Outward tax liability =18 lacs

Credit available = 12,60,000

Net amount payable = 5,40,000 in cash (by way of net banking/ card/ rtgs/neft)

(Note: considering the fact that there is no mis-match , if there comes any mis-match in input credit then the payable amount shall be increased by that amount.)