What are the main features of GST payment process?

What are the main features of GST payment process?

Indian businesses are in for a learning curve — the payment process under Goods and Services Tax (GST) differs drastically from current procedures. Namely, each step of the process — like all other aspects of GST — now occur online within the GST portal.

Section 49 of the Central Goods and Services Tax Act, along with rules published by the Central Board of Excise and Customs (CBEC), govern the new payment procedures. This whitepaper provides an overview of what they entail and looks at the following:

  • Electronic ledgers
  • Manner of utilization and cross-utilisation of input tax credit (ITC)
  • Interest on delayed payments
  • Electronic payment forms
  • Unique identification number for each transaction

 


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