electronic cash ledger
M Pari (9 Points)
11 July 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 11 July 2017
This ledger will serve as an electronic wallet. Where, the taxpayer needs to make any payment such as tax, interest, penalty etc and he does not have enough credit in his E-Credit ledger, he will have to simply add money to the wallet and the money will be utilized to make the payment.
This ledger will basically reflect all the deposit made in cash using various modes.
The input tax credit that is self-assessed in the monthly returns will be reflected here under three categories i.e IGST, CGST & SGST. The taxpayer will be able to utilize the balance shown in this account only for payment of tax as per the credit utilization rules and no other amount such as interest, penalty etc.
Read More at: electronic-credit-ledger
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