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of <h1>Section 7 of Draft IGST Act, 2016: Tax Payment Methods, Input Tax Credit Utilization, and Electronic Ledger Management Explained.</h1> Section 7 of the Draft Integrated Goods and Services Tax Act, 2016, outlines the procedures for the payment of tax, interest, penalty, and other amounts by taxable persons. Payments can be made through various electronic methods and are credited to the individual's electronic cash ledger. Input tax credits are credited to the electronic credit ledger and can be used to pay taxes in a specified order. The section also details the utilization order for input tax credits and conditions for refunds. Tax liabilities must be recorded electronically, and dues are to be discharged in a prescribed order. Tax incidence is presumed to be passed to the recipient unless proven otherwise.
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