GST Provision for Inter-Transfer of Balances lying in E-Cash Ledger applicable from 21st April: CBIC [Read Notification]

CBIC - Form PMT-09 - Taxscan

The Central Board of Indirect Taxes and Customs (CBIC) notified 21 April 2020 as an effective date for Rule 87(13) of Central Goods and Service Tax (CGST) Rules and Form GST PMT-09.

In last July, the CBIC introduced the above rule regarding inter-transfer of balances lying in E-cash ledger where a registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under the Act to the electronic cash ledger for integrated tax, central tax, State tax or Union territory tax or cess in FORM GST PMT-09.

The board on Tuesday issued a long-awaited notification for notifying its effective date i.e. 21 April 2020 and after the effective date the tax professionals no longer have to wait for filing the Form GST PMT-09 on GST Portal.

Form GST PMT-09 has been enabled on the Goods and Service Tax (GST) Portal for transfer for cash ledger balance from one head to other head by taxpayers. However, before coming up with this notification the corresponding rule i.e. Rule 87(13) of Central Goods and Service Tax (CGST) Rules was not effective. However, it is noteworthy that Rule 87(13) has been made effective vide notification dated 28 April, 2020 in the Official gazette.

Therefore, the legal validity of Form GST PMT-09 being filed after the effective date i.e. 21 April 2020 will become operative.

To Read the full text of the Notification CLICK HERE