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.
Note –Online GST Certification Course by TaxGuru & MSME- Click here to Join
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.
‘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)
‘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.