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of <h1>Understanding Section 49: Managing Tax Payments and Credits Under CGST Act, 2017. Electronic Ledgers and Restrictions Explained.</h1> Section 49 of the Central Goods and Services Tax Act, 2017, outlines the procedures for the payment and management of tax, interest, penalties, and other amounts. Deposits made through various banking methods are credited to an electronic cash ledger. Input tax credits are recorded in an electronic credit ledger and can be used for tax payments under specified conditions. The section details the order of utilizing input tax credits for different tax types and prohibits certain cross-utilizations. It also provides for the refund of ledger balances and mandates maintaining an electronic liability register. The government may impose restrictions on using the electronic credit ledger to discharge tax liabilities.
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