https://www.taxtmi.com/article/detailed?id=7480 Electronic Cash, Credit and Liability Ledgers form the GST payment framework: deposits for tax, interest, penalty and fees are credited to the Electronic Cash Ledger via prescribed modes and challans on the common portal; input tax credit is credited to the Electronic Credit Ledger from specified sources; liabilities are recorded in and discharged through the Electronic Liability Ledger. Utilisation of input tax credit follows a prescribed priority across IGST, CGST and SGST/UTGST with limited cross use. Interest on unpaid tax accrues from the due date and also applies to excess ITC claims and reductions in output tax liability; refunds reduce the respective ledger balances as prescribed. en-us Fri, 30 Jun 2017 07:03:38 +0530 Fri, 30 Jun 2017 07:03:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7480 Electronic Cash, Credit and Liability Ledgers form the GST payment framework: deposits for tax, interest, penalty and fees are credited to the Electronic Cash Ledger via prescribed modes and challans on the common portal; input tax credit is credited to the Electronic Credit Ledger from specified sources; liabilities are recorded in and discharged through the Electronic Liability Ledger. Utilisation of input tax credit follows a prescribed priority across IGST, CGST and SGST/UTGST with limited cross use. Interest on unpaid tax accrues from the due date and also applies to excess ITC claims and reductions in output tax liability; refunds reduce the respective ledger balances as prescribed. Articles Goods and Services Tax - GST Fri, 30 Jun 2017 07:03:38 +0530 https://www.taxtmi.com/article/detailed?id=7480