As per the new features released in the GSTN portal, at the time of utilization of the input tax credits, if there is any shortage of the input tax credit, the challan will be created directly with the amount of the tax payable by the taxpayer.
Any invoice or debit note issued in pursuance of any tax payable in accordance with the provisions of section 74 or section 129 or section 130 shall prominently contain the words “INPUT TAX CREDIT NOT ADMISSIBLE”
As per Rule 141 of the CGST Rules 2017, if the taxpayer does not pay the amount, then the commissioner can dispose of the goods seized from the taxpayer and adjust the same against the tax payable, interest, penalty or any other amount payable in respect of such goods.
Section 6.1 of GSTR – 3B, details of payment for GST has to be shown. Amount of Tax Payable, Amount of Tax paid under GST utilizing the ITC and balance amount in cash has to be shown along with interest and late if any payable for CGST, SGST, UTGST, IGST and Cess.
In the Annual Return GSTR – 9, the taxpayer is also required to furnish information relating to other amounts payable to the department on the orders received by him. This information has to be shown in Section 8 of GSTR – 9, details of the order, tax payable, interest, penalty and status of the order.