Form PMT-09 is available on GST portal

Form PMT-09 is a new form that has been introduced by the Goods and Services Tax (GST) department in India. The form is available on the GST portal and has been designed to allow taxpayers to transfer any excess cash balance lying in one head of tax to another head of tax within the same GSTIN.

The introduction of Form PMT-09 has been a welcome move for small and medium business owners as well as startup founders in India. It has made the process of transferring excess cash balance from one head of tax to another head of tax much easier and faster.

What is Form PMT-09?

Form PMT-09 is a form that has been introduced by the GST department to enable taxpayers to transfer excess cash balance from one head of tax to another head of tax within the same GSTIN. It is a self-declaration form and can be filed by taxpayers who have excess cash balance in any of the following heads of tax:

IGST
CGST
SGST
UTGST

The form can be used to transfer excess cash balance from one head of tax to another head of tax for the same financial year. It cannot be used to transfer any amount from one financial year to another financial year.

Why was Form PMT-09 introduced?

Form PMT-09 was introduced by the GST department to simplify the process of transferring excess cash balance from one head of tax to another head of tax. Before the introduction of this form, taxpayers had to file a refund application to transfer any excess cash balance. This process was time-consuming and often led to delays in receiving the refund.

With the introduction of Form PMT-09, the process of transferring excess cash balance has become faster and easier. Taxpayers can now transfer any excess cash balance within the same GSTIN without having to file a refund application.

How to file Form PMT-09?

To file Form PMT-09, taxpayers need to follow the steps given below:

Login to the GST portal using valid credentials.
Click on the ‘Services’ tab and select ‘Ledgers’ from the dropdown menu.
Click on the ‘Electronic Cash Ledger’ option.
Select the taxpayer’s GSTIN from the dropdown menu.
Select the financial year for which the transfer is to be made.
Select the head of tax from which the transfer is to be made.
Enter the amount to be transferred from the selected head of tax to another head of tax.
Submit the form and generate the challan.

Once the challan is generated, taxpayers need to make the payment through internet banking or any other digital payment mode. The amount transferred will be credited to the respective head of tax within one working day.

Conclusion

The introduction of Form PMT-09 has made it easier for taxpayers to transfer excess cash balance from one head of tax to another head of tax within the same GSTIN. It has eliminated the need to file a refund application and has made the process faster and more efficient. Small and medium business owners as well as startup founders in India can benefit greatly from this new form and should make use of it whenever they have excess cash balance lying in one head of tax.