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How to take ITC for October 2024 GST Payment in PMT 06 on Self Assessment Basis?

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Mahesh

Accountant

56 Points Joined November 2014

Hi,

Since GSTR 2B will not generate for M1 & M2 months after IMS came into affect. I want to know how to pay GST through PMT 06 challan on self assessment basis for October Month 2024. Should we take ITC as per GSTR 2A or Invoice Managaement System (IMS). Please let me know.

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Rama chary Rachakonda

Master in Accounts & high court Advocate

8866 Points Joined December 2011

To pay GST through PMT 06 challan on a self-assessment basis for October 2024,

follow these steps:

1. Determine your tax liability: Calculate your GST liability for October 2024 based on your business transactions and invoices.

2. Generate GSTR-2A: Although GSTR-2B won't be generated for M1 & M2 months, you can still generate GSTR-2A, which will show the available ITC based on invoices uploaded by your suppliers.

3. Take ITC as per GSTR-2A: You can claim ITC based on the invoices appearing in GSTR-2A. However, ensure you have received the goods or services and have a valid tax invoice.

4. Pay GST through PMT-06 challan: Use the PMT-06 challan to deposit your tax liability.

You can file the challan online through the GST portal or through a bank. Regarding ITC, you can claim it based on GSTR-2A, which reflects the invoices uploaded by your suppliers.

However, if you have additional invoices not appearing in GSTR-2A, you can claim ITC based on those invoices as well, provided you have received the goods or services and have a valid tax invoice.

Keep in mind that you'll need to maintain proper records and documentation to support your ITC claims and GST payments.

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