What Is Form GST PMT-01?

GST PMT-01 is an online form under Goods and Services Tax (GST) which is used for Provisional Payment of Tax.

Key details about GST PMT-01:

It allows taxpayers to pay GST provisionally when they are unable to determine their actual tax liability for a particular tax period.

Provisional tax payment is allowed when the taxpayer is unable to file returns due to technical issues on GST portal or other reasons.

Taxpayer can enter details like GSTIN, tax period, amount of Integrated tax, Central tax, State/UT tax and cess to be paid in PMT-01.

Based on details entered, challan is generated for making payment.

The provisional payment is allowed up to a maximum of 35% of the tax paid in preceding tax period.

The taxpayer has to file the final return and adjust the provisional payment within the prescribed timelines to avoid interest.

Format of Form GST PMT-01

Here is the format and key details that have to be provided in Form GST PMT-01:

1. GSTIN - 15 digit Goods and Services Tax Identification Number (auto-populated)

2. Legal Name of the Taxpayer – Auto populated based on the GSTIN

3. Trade Name, if any

4. Tax Period: Month and Year for which tax has to be paid

5. Amount of Tax Paid and Adjusted in Preceding Tax Period: Auto populated from earlier tax payments 

Tax Details:

6. Integrated Tax, Central Tax, State/UT Tax and Cess along with Interest and late fees if applicable

7. 35% of Tax Amount paid for preceding Tax Period

8. Provisional Tax Amount to be paid  under major heads - Integrated Tax, Central Tax, State/UT Tax and Cess

9. Gross Provisional Tax payable along with Interest and Late Fee if applicable

10. Amount of TDS and TCS credit available

In summary, key details in Form PMT-01 relate to the relevant tax period, registration details, tax amounts paid earlier, estimated tax amounts to be paid now on a provisional basis across the major tax heads and credits available.

Important Points of GST PMT-01

Purpose - It allows registered taxpayers to pay GST on a provisional basis when the tax liability cannot be determined accurately.

Applicability - It can be filed by any taxpayer registered under GST facing technical difficulties in filing returns or determining actual tax liability.

Maximum Provisional Tax - The provisional tax under PMT-01 is allowed up to a maximum of 35% of tax paid in the preceding tax period.

Heads of Tax - Provisional tax can be paid under CGST, SGST/UTGST, IGST and Cess as applicable. Interest and late fees can also be paid.

Subsequent Compliance - The taxpayer must file the final returns for that tax period before the due date and settle the provisional payment to avoid interest.

Adjustments in Returns - The provisional tax paid can later be adjusted while filing the final GST returns for that tax period.

No Annual Limit - There is no restriction on the number of times a registered person can file PMT-01 in a financial year.

Payment Mode - The provisional tax payment has to be made through Internet banking via the GST portal.

What funds will be deducted from the Electronic Liability Register?

As per the GST law, the following amounts will be debited from the Electronic Liability Register when Form GST PMT-01 is filed for making provisional payment of taxes:

1. Integrated Tax amount specified in the PMT-01 form

2. Central Tax amount specified in the PMT-01 form

3. State Tax/Union Territory Tax amount specified in the PMT-01 form

4. Cess amount specified in the PMT-01 form

5. Interest paid on the tax amounts, if any

6. Late fee paid on the tax amounts, if any

The Electronic Liability Register maintained on the common GST portal contains details of tax liabilities, payments made, interest/late fees etc. for a registered taxpayer.

When the PMT-01 is generated, the portal debits the above amounts from this register to offset it against the provisional tax liability being discharged through PMT-01.

Therefore, the integrated tax, central tax, state/UT tax, cess and any interest/late fees entered by the taxpayer in PMT-01 gets debited from the total pending liability in the electronic liability register. This brings down the liability to the extent of provisional payment made.

Essentially, the electronic liability gets updated instantly when tax payment is made using PMT-01 form.

What Are The Contents Of Form GST PMT-01?

GSTIN: GST Identification Number of the registered taxpayer automatically populated.

Legal Name: Auto-populated based on GSTIN.

Trade Name: Optional entry of trade name/doing business as, if applicable.

Tax Period: Relevant tax period in MM/YYYY format for which tax is being paid.

Tax Paid Last Period: System auto-populated field - Value of tax paid in last tax period.

Tax Amounts Breakup: Major heads wise breakup of Integrated Tax, Central Tax, State Tax and Cess along with interest/late fees to be entered.

35% of Last Tax Paid: Auto-calculated based on previous tax payments. Maximum limit for making provisional payment.

Provisional Tax Details: Proposed amount of provisional tax to be paid under major tax heads within 35% limit.

Total Provisional Tax Payable: System calculated amount.

TDS/TCS Credit: If any credit is available.