Balance In Electronic Credit Ledger Under Cgst Can Be Used Against Which Liability?

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What gets debited to the electronic credit ledger?

The electronic credit ledger shall be maintained in form GST PMT – 02 on the common portal. This ledger reflects the amounts credited against every claim of input tax credit taken under the act. This ledger is debited to an extent the liability is set off or discharged using the credit available.

What is electronic cash and credit ledger in GST?

Electronic Cash Ledger is a cash ledger that contains deposits that a taxpayer has made and any GST payments made through cash. The cash ledger segregates the information head wise such as IGST, CGST, SGST/UTGST, and CESS. The Electronic Cash Ledger is maintained on the GST Portal.

How do I claim a refund of electronic credit ledger in GST?

(3) Where the application relates to refund of input tax credit, the electronic credit ledger shall be debited by the applicant by an amount equal to the refund so claimed. Refund of excess credit balance lying in Electronic Credit Ledger.

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Particulars Case A Case B
Net Inflow
GST refund under rule 96 180,000.00
Refund of GST under Rule 89 90,000.00
90,000.00 180,000.00

How do I transfer my ledger balance to credit ledger?

Step by Step Guide to Filing Form PMT-09

  1. Step 1: Log in to the GST Portal.
  2. Step 2: Select Services> Ledger >Electronic cash ledger. The page below will be displayed:
  3. Step 3: Select ‘File GST PMT-09 for transfer of amount’. The screen below will be displayed.

Can I get refund of electronic credit ledger?

No, the amount may continue to remain in the Electronic Credit Ledger and can be utilised for any future liability. Refund can only be claimed if ITC has been accumulated due to export of goods and/or services and/or due to rate of tax on outward supplies being lower than inward supplies.

What is an electronic ledger?

Electronic Ledger means the electronic master record of the retail installment sales contracts or installment loans of the Servicer. Electronic Ledger means the electronic master record of installment sale contracts of the Company.

How do I add money to my electronic cash ledger?

Methods for Deposit

  1. Internet banking through authorised banks.
  2. Debit or credit card through authorised banks.
  3. National Electronic Fund Transfer (NEFT)
  4. Real-Time Gross Settlement (RTGS)
  5. Counter payment through authorised banks for a deposit up to Rs. 10,000 per challan can be made by cheque, cash or demand draft.

How many types of electronic ledgers are there?

Now, there are three types of electronic ledgers that you can access. These include (i) Electronic Liability Ledger; (ii) Electronic Cash Ledger and (iii) Electronic Credit Ledger. So, the electronic liability ledger reflects the amount of tax that you have to pay to the government.

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How do I check my electronic credit ledger in GST?

Steps to view or download Electronic Credit Ledger on GST Portal?

  1. Login to GST Portal. Log in to your account on the GST Portal with valid username and password.
  2. Navigate to Electronic Credit Ledger. Go to Services > Ledgers > Electronic Credit Ledger.
  3. Balance on Current Date.
  4. Select Period.
  5. View Electronic Credit Ledger.

Can we transfer electronic credit ledger balance in GST?

Ans: Yes, you can perform intra-head or inter-head transfer of amount, as available in Electronic Cash Ledger, using Form GST PMT-09. Form GST PMT-09 enables any registered taxpayer to perform, intra-head or inter-head transfer of amount, as available in Electronic Cash Ledger.

How do I claim a refund of excess balance in electronic cash ledger?

To file the application for refund of excess balance in Electronic Cash Ledger on the GST Portal, perform following steps:

  1. Access the https://www.gst.gov.in/ URL.
  2. Click the Services > Refunds > Application for Refund command.
  3. The Select the refund type page is displayed.
  4. Click the CREATE button.

How do I use my credit ledger balance?

Credit in Electronic Cash Ledger can be used only for payment of tax. This means that the balance of Electronic Credit Ledger cannot be utilised for payment of interest, penalty or late fees. Interest and Penalty can be paid only through actual cash payment.

How can I withdraw money from my ledger balance?

The ledger balance can include funds that aren’t available for withdrawal, such as check deposits that are on hold for verification. For instance, if you have a ledger balance of $300, but $200 of that consists of a recently deposited check that’s still on hold, you will only be able to withdraw $100 from the bank.

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Can I adjust Cgst against SGST?

CGST: The CGST input tax credit cannot be used to pay the SGST liability but can be used to pay the liability under CGST. Further, the balance of CGST credit available can be used to pay the IGST liability.

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