Electronic Credit Ledger

The electronic credit ledger shall be maintained in FORM GST PMT-02 for each registered person eligible for input tax credit under the Act on the Common Portal and every claim of input tax credit under the Act shall be credited to the said Ledger.

The electronic credit ledger shall be debited to the extent of discharge of any liability in accordance with section 49.

Where a registered person has claimed refund of any unutilized amount from the electronic credit ledger in  accordance with the provisions of section 54, the amount to the extent of the claim shall be debited in the said ledger.

 Form GST PMT -02

Note –

1. All type of credits as per return, credit on account of merger, credit due on account of pre- registration inputs, etc., credit due to opting out from composition scheme, transition etc_ will be recorded in the credit ledger.

2. Description will include sources of credit (GSTR-3, GSTR-6 etc.) and utilization thereof towards liability related to return or demand etc. Refund claimed from the ledger will be debited and if the claim is rejected, then it will be credited back to the ledger to the extent of rejection.

Electronic Credit Ledger

  • The refund so filed is rejected, either fully or partly, the amount debited under sub-rule (3), to the extent of  rejection, shall be re-credited to the electronic credit ledger by the proper officer by an order made in FORM GST PMT-03.
  •  Save as provided in these rules, no entry shall be made directly in the electronic credit ledger under any  circumstance.
  • A registered person shall, upon noticing any discrepancy in his electronic credit ledger, communicate the same to  the officer exercising jurisdiction in the matter, through the Common Portal in FORM GST PMT-04.

Form GST PMT -03

Note —

‘CGST’ stands for Central Goods and Services Tax; ‘SGST` stands for State Goods and Services Tax; ‘UTGST’ stands for Union territory Goods and Services Tax; ‘IGST stands for Integrated Goods and Services Tax and Tess- stands for Goods and Services Tax(Compensation to States)

Form GST PMT -04

Note –

‘CGST’ stanch. for Central Goods and Services Tax; ‘SGST’ stands for State Goods and Services Tax; ‘UTGST: stands for Union Goods and Services Tax; ‘IGST’ -stands for Integrated Goods and Services Tax and ‘Cess’ stands for Goods and Services Tax (Compensation to States) Act, 2017.

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Tags : goods and services tax (2807) GST (2393)

One response to “GST: Payments of Taxes- Part II”

  1. gayatri says:

    WE DISCOUNTED BILL UNDER LCS-FOR LOCAL SALES
    BANK IS PAYING MONEY TO US INSTANTLY-AFTER PARTY WILL GIVE AMOUNT TO BANK.
    WE RECD PAYMENT AGAINT LCS-
    IN THIS REGARDS WHAT IS PROCEDURE UNDER
    GST REGIME

    REGARDS

    GAYATRI

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