Hello, in this post we will see what are different types of ledgers in GST.
We will discuss the following options:
In simple words, the electronic ledger is an e-passbook for GST maintained in the GST portal. A registered taxpayer has 3 different electronic ledgers under GST. It is created during the GST registration process, and they are:
- Electronic Tax Liability Ledger
- Electronic Cash Ledger
- Electronic Credit Ledger
The Electronic Tax Liability Ledger
An electronic tax liability register maintains the liabilities of a taxpayer under GST. It is maintained in the Form GST PMT- 01.
This ledger contains details like the tax due on filing a GST return, interest, penalty, and demands of a taxpayer. It also displays the amount paid to clear the liability by transferring the credit balance from the other 2 ledgers.
Different GST payment forms
|No.||GST Payment Form||Details||Use|
|1||GST PMT-01||Electronic Tax Liability Register||Any tax, interest, penalty, late fee, or any other amount is debited|
|2||GST PMT-02||Electronic Credit Ledger||ITC claims are credited|
|3||GST PMT-03||Refund to be re-credited||Refund of unclaimed ITC, if rejected, the amount debited from the Electronic Credit Ledger, is re-credited by order of a proper officer|
|4||GST PMT-04||Discrepancy in Electronic Credit Ledger||To communicate any discrepancy in Electronic Credit Ledger|
|5||GST PMT-05||Electronic Cash Ledger||Any tax, interest, penalty, late fee, or any other amount deposited in cash are credited here|
|6||GST PMT-06||Challan for deposit of tax, interest, penalty etc.||To generate and pay a challan|
|7||GST PMT-07||Application for any complaint related to payment||Taxpayer’s application when the amount intended to be paid is debited from his account but CIN (Challan Identification Number) is not generated or generated but not reported to the GST Portal within 24 hrs of debit|
Electronic Cash Ledger
A taxpayer can make GST payment through online banking, credit or debit card, wire transfer, or over the counter payment. You can see the paid amount in this ledger and it is accessible for the taxpayer, authorized signatories, GST practitioners, and the Jurisdictional Officials.
If the GST payment is over Rs.10,000, you can only pay it through a bank. A taxpayer must also specify the heads under which GST payments are made. (major heads – CGST, SGST, IGST, and minor heads – tax, interest, penalty, fees, and others.)
Finally, based on the tax challan and heads, it will display your available balance.
It maintains a record of GST payment made by the customer. It also includes credit for the amount deducted as TDS or TCS of the taxpayer under GST.
Electronic Credit Ledger
An electronic credit ledger under GST records all the tax payments made by a taxpayer.
Then it auto fetches the data based on the GSTR-1 and GSTR-2 returns filed by all registered taxpayers under GST. So, to compensate GST liability you can use the credit in your electronic credit ledger.
The types of credits available are:
The IGST payment can be done using your IGST input tax credit. You can also use it to pay tax liability under CGST and SGST.
Your IGST liability can be paid using your CGST input tax credit but cannot pay your SGST liability.
You can pay your liability under IGST with SGST input tax credit but you cannot pay your CGST liability.
- You can utilize the credits in your electronic credit ledger/ electronic cash ledger to make all GST payments.
- GST portal will generate a unique identification number for your every debit/credit to the electronic cash/credit ledger.
For more information – Electronic Cash Ledger.
We have come to an end of this post on types of ledgers under GST. Let us know about your views in the comments section below.