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Questions and Answers
What is the maximum rate of tax that an Electronic Commerce Operator (ECO) can collect on behalf of the government?
What is the maximum rate of tax that an Electronic Commerce Operator (ECO) can collect on behalf of the government?
How often does an ECO need to file a statement containing details of outwards supplies, returns, and collected amounts?
How often does an ECO need to file a statement containing details of outwards supplies, returns, and collected amounts?
What is the name of the form used to electronically submit the monthly statement of collected amounts?
What is the name of the form used to electronically submit the monthly statement of collected amounts?
What is the maximum time limit for an ECO to furnish the monthly statement after the end of the month, considering possible extensions?
What is the maximum time limit for an ECO to furnish the monthly statement after the end of the month, considering possible extensions?
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What information is required to be included in the annual statement filed by the ECO?
What information is required to be included in the annual statement filed by the ECO?
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By what date must the annual statement be filed by the ECO?
By what date must the annual statement be filed by the ECO?
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If an ECO discovers an omission or error in their monthly statement, when is the latest they can rectify it?
If an ECO discovers an omission or error in their monthly statement, when is the latest they can rectify it?
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Which of the following is NOT a reason that might trigger a tax authority audit of an ECO's statements?
Which of the following is NOT a reason that might trigger a tax authority audit of an ECO's statements?
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What is the maximum amount above which the Principal Commissioner is authorized to disallow a debit of fraudulently availed ITC?
What is the maximum amount above which the Principal Commissioner is authorized to disallow a debit of fraudulently availed ITC?
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In what order must a taxable person discharge their tax and other dues under the act?
In what order must a taxable person discharge their tax and other dues under the act?
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What type of register must all liabilities of a taxable person under the act be recorded in?
What type of register must all liabilities of a taxable person under the act be recorded in?
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What is the prescribed form in which the electronic liability register is to be maintained?
What is the prescribed form in which the electronic liability register is to be maintained?
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Which of the following is NOT a mandate for the electronic liability register?
Which of the following is NOT a mandate for the electronic liability register?
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What happens if a refund claimed is rejected either fully or partially?
What happens if a refund claimed is rejected either fully or partially?
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Which form must be used to communicate a discrepancy in the electronic cash ledger?
Which form must be used to communicate a discrepancy in the electronic cash ledger?
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What is the purpose of the Common Portal Identification Number (CPIN)?
What is the purpose of the Common Portal Identification Number (CPIN)?
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What is the structure of the Challan Identification Number (CIN)?
What is the structure of the Challan Identification Number (CIN)?
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Which action is NOT possible through the common portal related to the electronic cash ledger?
Which action is NOT possible through the common portal related to the electronic cash ledger?
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What is the maximum validity period of a GST tax challan?
What is the maximum validity period of a GST tax challan?
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What does E-FPB stand for in the context of GST payments?
What does E-FPB stand for in the context of GST payments?
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What information does the Bank Reference Number provide?
What information does the Bank Reference Number provide?
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What is the total output tax payable for IGST?
What is the total output tax payable for IGST?
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Which of the following entities is NOT liable to deduct tax at source?
Which of the following entities is NOT liable to deduct tax at source?
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What is the threshold limit for deducting tax at source under a contract?
What is the threshold limit for deducting tax at source under a contract?
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What is the standard rate of deduction for tax deducted at source?
What is the standard rate of deduction for tax deducted at source?
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How soon must the amount deducted be paid to the government by the deductor?
How soon must the amount deducted be paid to the government by the deductor?
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If the amount deducted is credited to the deductee's electronic cash ledger, what happens to any refund to the deductor?
If the amount deducted is credited to the deductee's electronic cash ledger, what happens to any refund to the deductor?
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In the case where the supplier's and recipient's locations are in different states/union territories, what is the TDS status?
In the case where the supplier's and recipient's locations are in different states/union territories, what is the TDS status?
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What action is taken if a deductor fails to pay the deducted amount to the government?
What action is taken if a deductor fails to pay the deducted amount to the government?
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What is the validity period of the mandate form generated for payments via NEFT, RTGS, or immediate payment services?
What is the validity period of the mandate form generated for payments via NEFT, RTGS, or immediate payment services?
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What happens after the successful credit of the amount to the government account?
What happens after the successful credit of the amount to the government account?
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What action can the person take if no challan identification number is generated after a debit from the bank account?
What action can the person take if no challan identification number is generated after a debit from the bank account?
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How is the electronic cash ledger updated in cases where the bank fails to communicate the challan identification number?
How is the electronic cash ledger updated in cases where the bank fails to communicate the challan identification number?
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Which document contains the necessary details for updating the electronic cash ledger from RBI?
Which document contains the necessary details for updating the electronic cash ledger from RBI?
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What occurs when a registered taxable person claims a refund from the electronic cash ledger?
What occurs when a registered taxable person claims a refund from the electronic cash ledger?
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What is a condition for updating the electronic cash ledger based on the e-scroll provided by RBI?
What is a condition for updating the electronic cash ledger based on the e-scroll provided by RBI?
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What should a person do if their payment is debited but no identification number is communicated?
What should a person do if their payment is debited but no identification number is communicated?
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What is required from an operator when served a notice regarding supplies made through them?
What is required from an operator when served a notice regarding supplies made through them?
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What happens if a person fails to furnish information as required by a notice?
What happens if a person fails to furnish information as required by a notice?
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What is the purpose of generating a unique identification number for each transaction?
What is the purpose of generating a unique identification number for each transaction?
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Which section provides provisions related to the refund of tax?
Which section provides provisions related to the refund of tax?
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Which of the following is NOT included in the refund provisions?
Which of the following is NOT included in the refund provisions?
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What is one of the aims of the refund provisions under the GST regime?
What is one of the aims of the refund provisions under the GST regime?
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What does a unique identification number relate to in the electronic liability ledger?
What does a unique identification number relate to in the electronic liability ledger?
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Which authority can serve a notice to the operator regarding the supplies made?
Which authority can serve a notice to the operator regarding the supplies made?
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Study Notes
Payment of Tax under GST
- GST regime introduced e-ledgers, two types: Electronic Cash Ledger and Electronic Credit Ledger.
- Electronic Cash Ledger summarizes taxpayer deposits/payments, made through internet banking, credit/debit cards, NEFT/RTGS, or at banks (cash, cheque, or demand draft up to ₹10,000).
- Electronic Credit Ledger credits self-assessed input tax credit (ITC) for registered taxpayers.
- ITC can be used to pay integrated tax (IGST), central tax, state tax, or union territory tax (in priority order).
Key Features of Payment Process
- Electronically generated challans from GSTN, eliminating manual challans.
- Online payment options provide convenience and accessibility.
- Transactions in an electronic format, ensuring paperless processes.
- Facilitates speedy accounting and bank reconciliation.
Electronic Ledgers
- E-ledgers are used to track cash and input tax credit for each registered taxpayer.
- Also includes an electronic tax liability register for taxpayers.
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Description
This quiz explores the payment processes under the Goods and Services Tax (GST) regime, including details about Electronic Cash Ledger and Electronic Credit Ledger. It covers the convenience of online payments, the benefits of electronic chalans, and the functionalities of e-ledgers in maintaining tax accounts. Test your knowledge on how these features streamline tax payments and accounting.
