Welcome to your Ch 24: Payment of Tax (6 to 10)
6. Examine the following statement,
(i) Rate of interest on delayed payment of output tax is 18% p.a.
(ii) Rate of interest on undue or excess claim ITC is 18% p.a.
7. Examine the following statement,
(i) RCM liability can be paid by utilising ITC.
(ii) TDS and TCS liability can be paid by utilising cash.
8. Examine the following statement,
(i) Composition person can take credit of RCM liability and pay tax on that RCM liability by utilising ITC
(ii) Normal person can pay interest @ 18% on gross output tax by utilising cash
9. Examine the following statement,
(i) Form PMT-03 shall be used to re-credit the amount in electronic cash ledger or electronic credit ledger in case of rejection of refund claim.
(ii) Form PMT-04 shall be used to report any discrepancies in electronic cash ledger or electronic
credit ledger or electronic liability register.
10. Examine the following statement,
(i) Form PMT-09 shall be used to transfer any fund from major head to minor head or vice versa or from major head to major head or minor head to minor head.
(ii) Form PMT-07 shall be used to report any discrepancies relating to payment.
