Electronic tax ledger rules govern deposits and input tax credit allocation, payment priority, cross-utilisation limits and refund process. Section 49 requires deposits by prescribed electronic modes to be credited to a person's electronic cash ledger and self-assessed input tax credit to an electronic credit ledger. Balances in the cash ledger may be applied to any liability and balances in the credit ledger to output tax under this Ordinance or the Integrated Act, subject to prescribed conditions. The provision prescribes a priority order for utilising credits among integrated, central, State and Union territory tax heads, mandates maintenance of an electronic liability register, stipulates the order for discharging dues, and allows refunds of remaining ledger balances under the refund provision.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Electronic tax ledger rules govern deposits and input tax credit allocation, payment priority, cross-utilisation limits and refund process.
Section 49 requires deposits by prescribed electronic modes to be credited to a person's electronic cash ledger and self-assessed input tax credit to an electronic credit ledger. Balances in the cash ledger may be applied to any liability and balances in the credit ledger to output tax under this Ordinance or the Integrated Act, subject to prescribed conditions. The provision prescribes a priority order for utilising credits among integrated, central, State and Union territory tax heads, mandates maintenance of an electronic liability register, stipulates the order for discharging dues, and allows refunds of remaining ledger balances under the refund provision.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
