Section 110 - Amendment of section 49

Electronic ledger transfer rules permit transfers across tax ledgers, with a bar for unpaid liabilities and limits on credit use.

The amendment authorises registered persons to transfer amounts on the common portal from the electronic cash ledger to various tax ledgers, and to transfer integrated or central tax to a distinct person's electronic cash ledger, subject to prescribed form, manner, conditions and restrictions; transfers to a distinct person are barred where the transferor has unpaid liability in its electronic liability register. The Government may, on Council recommendation and subject to conditions and restrictions, prescribe a maximum proportion of output tax liability dischargeable through the electronic credit ledger by a person or class of persons.