Electronic Cash\/Credit Ledgers and Liability Register in GST
GST Law and Procedure – GST Law and Procedure [January, 2019]
GST
Chapter Seventeen
\nElectronic Cash\/Credit Ledgers and Liability Register in GST
\nIntroduction:
\nOn the common portal each registered taxpayer will have one electronic register called the Electronic liability register and two electronic ledgers namely Electronic Cash Ledger and Electronic Credit Ledger. These register and ledgers will reflect the amount of tax payable, the amount available to settle the tax liability online, and input credit balance. This is a handy tool provided in the GST system wherein the registered taxpayer can have information about his liabilities and credits at a single location which can be viewed from any place by simply logging into the common portal. Electronic liability register, electronic cash ledger and electronic credit ledger of taxpayer will be updated on generation of GSTR-3 by the taxpayer. A unique identification n<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n payments made against the same will be recorded in this part of the register. Liabilities due to opting for composition and cancellation of registration will also be covered in this part. Such liabilities shall be populated in the liability register of the tax period in which the date of application or order falls, as the case may be. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n such supplies is to be collected by the operator; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nternet Banking through authorised banks; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 17. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Electronic Cash\/Credit Ledgers and Liability Register in GSTGST Law and Procedure – GST Law and Procedure [January, 2019]GSTChapter Seventeen Electronic Cash\/Credit Ledgers and Liability Register in GST Introduction: On the common portal each registered taxpayer will have one electronic register called the Electronic liability register and two electronic ledgers namely Electronic Cash Ledger and Electronic … Continue reading “Electronic Cash\/Credit Ledgers and Liability Register in GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-16298","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/16298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16298"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/16298\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nPart II will be for maintaining the complete description of the transactions of all liabilities accruing, other than return related liabilities. Such other liabilities may include the following:
\n * Liabilities due to reduction or enhancement in the amount payable due to decision of appeal, rectification, revision, review etc.;
\n * Refund of pre-deposit that can be claimed for a particular demand if appeal is allowed;
\n * Payment made against the show cause notice or any other payment made voluntarily;
\n * Reduction in amount of penalty (which would be automatically shown) based on payment made after show cause notice or within the time specified in the<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * the amount payable on reverse charge basis;
\n * the amount payable under the Composition levy scheme;
\n * amount payable towards interest, penalty, fee;
\n * Any other amount under the GST Act.
\nAny amount of demand debited in the electronic liability register shall stand reduced to the extent of relief given by the appellate authority or Appellate Tribunal or court and the electronic liability register shall be credited accordingly. The amount of penalty imposed or liable to be imposed shall stand reduced partly or fully, as the case may be, if the taxable person makes the payment of tax, interest and penalty specified in the show cause notice or demand order and the electronic liability register shall be credited accordingly.
\nElectronic cash ledger:
\nEvery deposit made by a person by internet banking or by using credit or debit cards or National Electronic Fund Transfer (NEFT) or Real Time Gross Settlement (RTGS) or by over the c<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nii. Credit card or Debit card through the authorised bank;
\niii. NEFT or RTGS from any bank; or
\niv. Over the Counter payment through authorised banks for deposits up to ₹ 10,000\/- per challan per tax period, by cash, cheque or demand draft.
\nWhen the payment is made by way of NEFT or RTGS mode from any bank, the mandate form shall be generated along with the challan on the common portal and the same shall be submitted to the bank from where the payment is to be made. The mandate form shall be valid for a period of fifteen days from the date of generation of challan.
\nOn successful credit of the amount to the concerned government account maintained in the authorised bank, a Challan Identification Number (CIN) shall be generated by the collecting bank and the same shall be indicated in the challan.
\nOn receipt of the CIN from the collecting bank, the said amount shall be credited to the electronic cash ledger of the person on whose beha<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nElectronic credit ledger:
\nThe electronic credit ledger shall be maintained in FORM GST PMT-02 for each registered person eligible for input tax credit on the common portal and every claim of input tax credit will be credited to this ledger. The amount available in the electronic credit ledger can be used for making any payment towards output tax.
\nIn case 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. If the refund so filed is rejected, either fully or partly, the amount debited to the extent of rejection, shall be recredited to the electronic credit ledger by the proper officer by an order made in FORM GST PMT-03.
\nUnless otherwise allowed, entries will not be allowed to be made directly in the electronic credit ledger under any circumstance.
Manuals, Ready reckoner, Law and practice, Reference Guide, Qu<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n