is it possible to transfer ITC of SGST ledger to another ledger i.e CGST or IGST???
if yes, then what should be the procedure???
thanks a lot in advance
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Transfer of ITC in another credit ledger
Replies (5)
Quick Summary
Yes you can
login to your account
then service then ledger then electronic cash ledger then click and fill PMT 09 for transfer
now select the major head for which the amount of tax is to transfer CGSt, SGST, IGST
now select the minor head for which the amount of tax is to transfer penalty interest etc etc
now enter the amount which will be transferred
now select the major head to which it transferred
now enter the amount that is transferred to minor head
save and procced to file pmt 09 by evc or dsc
login to your account
then service then ledger then electronic cash ledger then click and fill PMT 09 for transfer
now select the major head for which the amount of tax is to transfer CGSt, SGST, IGST
now select the minor head for which the amount of tax is to transfer penalty interest etc etc
now enter the amount which will be transferred
now select the major head to which it transferred
now enter the amount that is transferred to minor head
save and procced to file pmt 09 by evc or dsc
ITC is not in cash ledger, its in credit ledger...please reply, thanks again in advance
You can't transfer ITC to another ledger
As per my knowledge credit transfer happened when there is sale of business, mergers acquisitions and all
No, you can not transfer
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