GST LEDGERS

Electronic Cash/Credit Ledgers and Liability Register in GST

On GST 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:

The electronic liability register is maintained in FORM GST PMT-01 for each person liable to pay tax, interest, penalty, late fee or any other amount on the common portal and all amounts payable by him shall be debited to the said register. The electronic liability register will be maintained in two parts at the common portal. Part I will be for maintaining the return related liabilities and Part II will be for maintaining the complete description of the transactions of all liabilities accruing, other than return related liabilities.

The electronic liability register of the person shall indicate the following:

  • the amount payable towards tax, interest, late fee or any other amount payable as per the return furnished by the said person;

  • the amount of tax, interest, penalty or any other amount payable as determined by a proper officer in pursuance of any proceedings under the Act or as ascertained by the said person;

  • the amount of tax and interest payable as a result of mismatch of input tax credit

  • or any amount of interest that may accrue from time to time;

  • the amount deducted by the Government authorities from the payment made or credited to the supplier of taxable goods or services or both, where the total value of such supply, under a contract, exceeds two lakhs and fifty thousand rupees;

  • the amount required to be collected by every electronic commerce operator on the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the operator;

  • the amount payable on reverse charge basis;

  • the amount payable under the Composition levy scheme;

  • amount payable towards interest, penalty, fee;

  • Any other amount under the GST Act.

Electronic Cash Ledger:

Every 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 counter deposit will be credited to the electronic cash ledger. The amount available in the electronic cash ledger may be used for making any payment towards tax, interest, penalty, fees or any other amount payable.

  • The electronic cash ledger shall be maintained in FORM GST PMT-05 for each person, liable to pay tax, interest, penalty, late fee or any other amount, on the common portal for crediting the amount deposited and debiting the payment therefrom towards tax, interest, penalty, fee or any other amount. The payment required to be made by an unregistered person, can be made on the basis of a temporary identification number generated through the common portal.

  • A challan in FORM GST PMT-06 can be generated on the common portal in which the details of the amount to be deposited towards tax, interest, penalty, fees or any other amount is to be entered. This challan will be valid for a period of fifteen days.

Electronic Credit Ledger:

The 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.

  • In 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.

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