Last updated: February 25th, 2020 10:43 AM

GST Form PMT-08

The Government has launched a simplified GST return filing regime, with the introduction of new GST Return forms to facilitate taxpayers and ease compliance. Under this new GST regime, the GST PMT-08 Form is a declaration form that is used by individuals to file ‘self-assessed tax’ return on a quarterly basis. By filing GST Form PMT-08, only eligible Input Tax Credit (ITC) can be claimed by the taxpayers. Let us look in detail about the GST PMT-08 FORM in this article.

Due Date of GST PMT-08

The GST PMT-08 is a monthly return required to be filed 20th of every subsequent month or quarter to discharge the self-assessed tax liability and to claim the entitled Input Tax Credit. The taxpayers who file Normal Return FORM GST RET-1 to make a monthly payment of taxes on filing their return due before 20th of the month following every return period. The smaller taxpayers file quarterly returns FORM GST RET-1, Sahaj, or Sugam and pay taxes at the time of filing their quarterly return. In addition, such taxpayer would pay self-assessed tax (without any accompanying return) using GST Form PMT-08 on the first 2 months of every quarter. 

Format of GST Form PMT-08

Let us have a look at five different sections in the GST Form PMT-08.

GSTIN

In this column, the GSTIN of the taxpayer is auto-populated at the time of return filing.

Other Details

This will contain all the general information about the taxpayer such as

• The legal name of the registered person
• Trade name (if any)
• Application Reference Number (ARN)
• Date of filing
• All the fields under this section will get auto-populated based on the GSTIN of the taxpayer.

Summary of Self-Assessed Tax Liability and Input Tax Credit Availed 

Under this section, there are three different parts namely:

• Liability to pay tax in relation to the supply of goods or services other than reverse charge.
• Liability to pay tax in relation to the supply of goods or services including reverse charge
• Input Tax Credit (ITC) claimed

Note: The amount of self-assessed tax liability has to be distributed based on the SGST, CGST, IGST and CESS and the claimed amount of ITC would be provided based on this.

Payment of Tax

In this section of Form PMT-08, the taxpayer has to mention the tax that is payable and paid amount. This column also includes the description related to the amount of tax that the taxpayer has paid in cash and through ITC. Note: In the case of negative liability of the previous tax time frame will also be covered in this section.

Verification Process

After providing every detail correctly in the form, the taxpayer has to verify it by e-signing the return form. The taxpayer can file the return only after the verification process. The GST Form PMT-08 is furnished below for the ready reference:

GST PMT-08 Form Significant Aspects

The below following are some of the important aspects of GST PMT-08 Form:

• The GST Form PMT-08 is a general form that is used for all the GST Returns, be it FORM GST RET-1, GST RET-2 or GST RET-3.
• The taxpayer who has opted for the quarterly filing return requires to pay the self-assessed tax monthly depending upon the supplies of goods or services of that particular month. Note that GST PMT-08 Form has to be filed every month by the taxpayer irrespective of the supplies of goods or services in the month.
• The taxpayer can easily claim for the eligible Input Tax Credit (ITC) through this GST PMT-08 FORM.
• As per the section 50 of the GST Act, if a taxpayer claims for the Input Tax Credit in excess or declares short liability in the GST PMT-08 Form, then a penalty and interest will be charged as per the rate mentioned in this section.
• For the quarterly filers of the GST Form RET-1, the taxpayer needs to pay the tax for the first two months and the same amount would be furnished in the GST RET-1 form.
• The tax that is paid by the taxpayer in the early 2 months of the quarter the ITC will be prepared at the time of filing GST RET-1.
• The tax debt can be set off with either e-cash ledger or credit ledger whichever is available at that the certain time.
• The ITC of the tax in the first two months of the quarter will be available at the time of providing the GST Return form.