Gst refund of credit ledger

Dear Sanchit :
You cannot claim refund from your credit ledger .
The refund from Credit ledger can be claim only as per Condition prescribed in Section 54 of CGST Act , ie In case if you are doing export without payment of Tax & Under Inverted Duty Structure.

So if this conditions fulfilled , the refund can be claimed.

Note : Yes you can utilise the ITC in credit ledger against any output tax as accordance to Section 49 of CGST Act .