Taxvy Consulting

GST payment is the periodical remittance of GST amount payable by the business. It one of the major requisites for a business to stay compliant. As per the guidelines, every registered regular taxpayer must make GST payment with a due date – 20th of every month along with the submission of GSTR-3B Return.

The GST payment can be made online – promising a seamless and transparent experience.

GST payment calculations

In making the GST payment, the GST act allows the businesses to set the eligible input tax (ITC) with the output GST collected on the sales. Thus, before making GST payment, businesses need to first apply the GST Payment calculations. The GST payment calculations steps are given below:

• Determine the total output GST
• Determine the eligible ITC
• Set-off the output GST with the ITC. Here you need to follow the set-up order of CGST, SGST and IGST.
• The balance is the GST liability that a business needs to pay.