Payment of GST - Other points - GST Ready Reckoner - GST

Sequence of discharge of dues [ Section 49(8) ] Every taxable person shall discharge his tax and other dues under this Act or the rules made thereunder in the following order, namely: self-assessed tax, and other dues related to returns of previous tax periods; self-assessed tax, and other dues related to the return of the current tax period; any other amount payable under this Act or the rules made thereunder including the demand determined under section 73 or section 74 [ or Section 74A. (w.e.f. 01.11.2024 vide N.No. 17/2024 dated 27.09.2024) inserted vide Finance (No. 2) Act, 2024 ]. Payment of GST in Installment [ Section 80 read with rule 158 of CGST Rules] On an application filed by a taxable person to the Commissioner in Form GST DRC-20 . After submitting application commissioner shall call for report from the jurisdictional officer about the financial ability of the tax person to pay the said amount. After that, commissioner, consider the application and the report of the jurisdictional officer, for reasons to be recorded in writing, extend the time for payment bys issuing an order in FORM GST DRC-21 or allow payment of any amount due under this Act, by such person in monthly instalments not exceeding twenty four, subject to payment of interest under section 50 and subject to such conditions and limitations as may be prescribed. If default is committed in payment of any one instalment on its due date, the whole outstanding balance payable on such date shall become due and payable forthwith and shall, The taxable person shall be liable for recovery proceeding without any further notice being served on the person. The installment facility shall not be allowed where- the taxable person has already defaulted on the payment of any amount under the CGST Act/ SGST/ UTGST Act or IGST Act for which the recovery process is on; the taxable person has not been allowed to make payment in instalments in the preceding financial year under the CGST Act/SGST Act/ UTGST Act or IGST Act the amount for which instalment facility is sought is less than 25,000/-.