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Transfer of ITC in another credit ledger

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zishan mandli

203 Points Posted on 07 November 2020

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

Replies (5)

Quick Summary

This discussion explores the possibility of transferring Input Tax Credit (ITC) between different ledgers, specifically from SGST to CGST or IGST. While one user suggested using Form PMT-09 for cash ledger transfers, it was clarified that ITC resides in the credit ledger, not the cash ledger. The consensus is that direct ITC transfer between these ledgers is not possible, with transfers typically occurring only in specific business scenarios like sales, mergers, or acquisitions.

ayusmita

Tax consultant

5895 Points Posted on 07 November 2020

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