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of <h1>Electronic credit ledger use capped at 99% for ?50L+ monthly taxable supplies, mandating 1% cash tax payment.</h1> Restricts a registered person from using the electronic credit ledger to discharge output tax liability beyond 99% where the monthly value of taxable supplies (excluding exempt and zero-rated supplies) exceeds fifty lakh rupees, thereby requiring at least 1% of such output tax to be paid in cash. The restriction does not apply if specified persons have paid more than one lakh rupees income tax in each of the last two eligible financial years, or if the registered person received specified refunds of unutilised input tax credit exceeding one lakh rupees in the preceding financial year, or if cumulative cash payment exceeds 1% of cumulative output tax liability in the current financial year, or if the person is a government department, PSU, local authority, or statutory body. For non-manufacturers, exemption is limited to specified RSP-taxed goods. The restriction may be removed by the Commissioner after verification.
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