GST Payments

GST payment denotes the amount of Goods and Services Tax that a business owes against its transactions that needs to be paid on a regular basis. Every entity with GST registration must remit the payment on or before the due date.

Making a GST payment is simple and involves the following steps:

• Log in to the official GST portal and navigate to the payments tab under 'Services'

• Click “Create Challan”, enter amounts under sections like CGST, IGST, CESS, etc, and choose the NEFT/RTGS options and select AXIS bank as the remitting bank

• Upload the created challan on EnKash portal for audit team verification

• Confirm the amount, request OTP, and complete payment

Central Goods and Services Tax (CGST) is the tax implemented on intrastate sales of goods and services by the central government. State Goods and Services Tax (SGST) is the tax imposed on the intrastate sales of goods and services by the state government. Integrated Goods and Services Tax (IGST) is the tax levied on interstate sales of goods and services. This is shared between the state and central governments.

To check your GST payment status, start by visiting the official GST payment portal. Click on the Dashboard. On this, go to Services, then Payments, and Track Payment Status. Enter the CPIN and GSTIN to check the status of your payment. Please note that you do not need to log in to do this.

You need to click on this link for GST payment - https://services.gst.gov.in/services/quicklinks/payments

The tax payment module helps you deal with business-related taxes like GST without going through repetitive and manual processes. You can easily fetch the challan from the government portal, create challan for payment, get maker and approver approvals on record. You have the option to use a prepaid card, debit card, NEFT, or connected banking option to make the payment. Once the payment is completed, the payment proof will be scanned and filed digitally in your records for future reference.

Tax payments are mandatory by law, and the government requires businesses like yours to pay taxes on time to reap the benefits associated with it, avoid penalties, and keep the business going. Olympus’ tax payment module facilitates the whole process and reduces manual errors and makes a record trail for future audit/reference.

Olympus’ tax payment module improves the efficiency of your finance team by ensuring that the payments are not missed, the approval process is clear and fast, and by ensuring that the digital records for tax payments are stored in the right place. Olympus’ tax payment module ensures that your business meets compliance and audit-related requirements.

Tax Payment is critical for a startup because it helps them with the following aspects:

• Ensure timely tax payments to avoid penalties

• Have a seamless trail of approvals and the relevant paperwork in place

• Enable the finance team to concentrate on more strategic work

• Improve the overall efficiency of all the related teams

With Olympus’ tax payment module, much of the process is online with a transparent process laid out. This ensures that the payments are made on time with the right people checking the details and giving their approvals. Once the payment is made, a digital record is created for future reference in case it is required to provide proof of payment or answer audit-related questions.