CBIC had recently introduced Form PMT-09 for transfer of excess balance in cash ledger to another heads if a registered person had paid the amount in wrong head. However facility of Form PMT-09 was not active earlier, only the provisions were provided in the act and rules. Now GST Portal has activated the functionality of the form wherein it can be filed by the registered persons to transfer such wrongly paid taxes, fees or penalties into correct heads.

It is now about more than 2 years after implementation of GST in India. GST has been implemented from 1.07.2017. GST has its own flaws and glitches which are still faced by taxpayers and consultants. However government is trying their best to overcome the glitches faced in Goods and Service Tax Network.

GST is a complex business. That is why most people prefer to consult GST consultants, rather than doing the taxes on their own. One of the much talked about tax return is GSTR-9.

It is an annual return to be filed by taxpayer registered under GST. The form is a compilation of all business transactions of a financial year. The same includes all details pertaining to supplies and receivables under different tax heads i.e. CGST, SGST & IGST and HSN codes. The information furnished in monthly and quarterly returns is compiled in GSTR-9.

Our country is going through one of its biggest tax reforms ever. While the whole world is watching the roll out without battling an eye, India is on the way towards a destination based tax reporting system.

Now, every transaction must be reported along with invoice which identifies the seller and recipient of good and services.

In order to record such invoices, the process has been simplified by removing a myriad of taxes. The entire nation, now reports through same structure.