Electronic Credit Ledger 1. What is an Electronic Credit Ledger? In the Electronic Credit Ledger, all credits accrued on account of inward supplies made by a taxpayer within a tax period are accumulated. The ledger is maintained Major Head-wise, i.e., IGST, CGST, SGST, and CESS. 2. Who maintains the Electronic Credit Ledger? The Electronic Credit… Read More »
Electronic Credit Ledger : Utilization Process How can the credit available in the Electronic Credit Ledger be utilized? Can a taxpayer utilize the credit available in one major head to pay tax liability under any other major head? The amount available in the Electronic Credit Ledger can be utilized for paying off tax liabilities as… Read More »
Rule 86 CGST Rules 2017 Summary of Rule 86 CGST Rules 2017 ( Rule 86 CGST Rules 2017 explains Electronic Credit Ledger and is covered in Chapter IX – Payment of Tax : Inserted by the Central Goods and Services Tax (Second Amendment) Rules, 2017, w.e.f. 1-7-2017.) Rule 86 CGST Rules 2017 Electronic Credit Ledger 86. (1) The electronic credit ledger shall be maintained in… Read More »
Final GST Payment of Tax Rules approved by GST Council 18.05.2017 Form GST PMT –02 (See Rule —- ) Electronic Credit Ledger of Registered Person (To be maintained at the Common Portal) Download GST PMT –02 in PDF
GST Payment 5 key Points about GST Payment :- The electronic tax liability register, electronic credit ledger and electronic cash ledger will be maintained on the common portal for every registered person. The electronic tax liability register shall be debited with amount of tax, interest, late fee, mismatch in credits, etc. It shall be credited… Read More »
GST Payment Formats Final GST Payment Formats GST PMT 1 to GST PMT 7 to as per Final GST Payment of Tax Rules approved by GST Council 18.05.2017 Download Final GST Payment Formats Sr No Form No Title of the Form 1 GST PMT 1 Electronic Liability Register of registered person (Part–I: Return related liabilities… Read More »
Flow chart GST e-Registers e-Tax liability, e-Cash Ledger,e-Credit Register What are E-Ledgers under GST? Ans. Electronic Ledgers or E-Ledgers are statements of cash and input tax credit in respect of each registered taxpayer. In addition, each taxpayer shall also have an electronic tax liability register. Once a taxpayer is registered on Common Portal (GSTN),… Read More »