GST
Paying GST by NEFT or RTGS from the bank
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Facts
For NEFT or RTGS, you create the challan choosing this mode and download the mandate form. You then pay from any bank, using the challan details as beneficiary information. The credit reaches your cash ledger after the bank reports it.
Provisions and law
- Rule 87, CGST Rules 2017Electronic cash ledger in PMT-05, challan PMT-06 valid for 15 days, payment modes, CIN, PMT-07 for failed credits and PMT-09 transfers
Analysis
The mandate form gives the beneficiary name, account number as the CPIN and the IFSC of the Reserve Bank of India. Example: a firm pays Rs 3 lakh by RTGS on 19 October; CIN may come after the bank's settlement. Pay early on the due date, because late-evening transfers may credit the next working day.
Conclusion
- Select NEFT or RTGS while creating the challan
- Download the mandate form
- Pay through your bank using those details
- Check the CIN and cash ledger credit
A Savvy can do this for you
GST payment challan, PMT-06
₹999
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