Examine the taxes to be paid for the month of July on the basis of below information furnished by M/s Silver & Co.: Particulars IGST (₹) CGST…

4. (a) Payment of taxes is governed as per the provisions laid in section 49 read with section 49A and 49B of CGST Act, 2017 along with rule 88A of CGST Rules, 2017 Also, section 49(8) of CGST Act, stipulates that every taxable person shall discharge his tax and other dues under this Act or the rules made thereunder in the following order, namely: (a) self-assessed tax, and other dues related to returns of previous tax periods; (b) self-assessed tax, and other dues related to the return of the current tax period; (c) any other amount payable under this Act or the rules made thereunder including the demand determined under section 73 or section 74 or section 74A; As per the above provisions, self-assessed tax of previous tax period i.e. February shall be paid first and later self-assessed tax of current tax period i.e. July shall be paid. Payment of taxes under forward charge Particulars IGST CGST SGST Balance in electronic credit ledger for utilization 26,52,000 18,32,000 18,32,000 Output tax payable for July 14,75,000 28,34,000 28,34,000 Less: Utilization of input tax credit: a. IGST [Refer Note1] 14,75,000 5,88,500 5,88,500 b. CGST 0 18,32,000 0 c. SGST 0 0 18,32,000 Amount payable through electronic cash ledger Nil 4,13,500 4,13,500 Total amount payable through electronic cash ledger Particulars IGST CGST SGST Amount payable through Electronic cash ledger under forward charge Nil 4,13,500 4,13,500 Amount payable through electronic cash ledger under reverse charge [Refer Note-2] 36,000 1,44,000 1,44,000 Total amount payable through electronic cash ledger 36,000 5,57,500 557,500 Notes:- 1. After utilization of IGST credit towards output IGST liability, balance has been utilized equally amongst CGST & SGST 2. Input tax credit cannot be utilized for discharging tax liability under reverse charge basis, thus payable vide electronic cash ledger. Since, M/s Silver & Co., have defaulted in payment of taxes for the month of February and the same has been paid during July, interest is payable as per the provisions of section 50 of the CGST Act, 2017