MANDATORY DEPOSIT UNDER SECTION 35F OF EXCISE ACT CANNOT BE MADE BY WAY OF DEBIT IN ELECTRONIC CREDIT LEDGER MAINTAINED UNDER CGST ACT, 2017

MANDATORY DEPOSIT UNDER SECTION 35F OF EXCISE ACT CANNOT BE MADE BY WAY OF DEBIT IN ELECTRONIC CREDIT LEDGER MAINTAINED UNDER CGST ACT, 2017 https://www.taxtmi.com/article/detailed?id=10669 The GST electronic credit ledger is confined to payment of self-assessed output tax and prescribed uses; it does not permit utilization as a substitute for the mandatory pre-deposit required by the erstwhile Central Excise pre-deposit rule. Debits from the GST credit ledger cannot be equated to payments from the former CENVAT register for meeting excise pre-deposit obligations, and reliance solely on electronic credit ledger reversal leaves the statutory pre-deposit requirement unsatisfied. en-us Tue, 06 Sep 2022 07:12:25 +0530 Tue, 06 Sep 2022 07:12:25 +0530 TaxTMI RSS Generator MANDATORY DEPOSIT UNDER SECTION 35F OF EXCISE ACT CANNOT BE MADE BY WAY OF DEBIT IN ELECTRONIC CREDIT LEDGER MAINTAINED UNDER CGST ACT, 2017 https://www.taxtmi.com/article/detailed?id=10669 The GST electronic credit ledger is confined to payment of self-assessed output tax and prescribed uses; it does not permit utilization as a substitute for the mandatory pre-deposit required by the erstwhile Central Excise pre-deposit rule. Debits from the GST credit ledger cannot be equated to payments from the former CENVAT register for meeting excise pre-deposit obligations, and reliance solely on electronic credit ledger reversal leaves the statutory pre-deposit requirement unsatisfied. Articles Goods and Services Tax - GST Tue, 06 Sep 2022 07:12:25 +0530 https://www.taxtmi.com/article/detailed?id=10669