Section 49 of CGST Act, 2017 – Section 49: Payment Of Tax, Intere

The Central Goods and Services Tax Act, 2017

CHAPTER X: PAYMENT OF TAX

Section 49: Payment Of Tax, Interest, Penalty And Other Amounts

(1) Every deposit made towards tax, interest, penalty, fee or any other amount by a person by internet banking or by using credit or debit cards or National Electronic Fund Transfer or Real Time Gross Settlement or by such other mode and subject to such conditions and restrictions as may be prescribed, shall be credited to the electronic cash ledger of such person to be maintained in such manner as may be prescribed.

(2) The input tax credit as self-assessed in the return of a registered person shall be credited to his electronic credit ledger, in accordance with section 41 to be maintained in such manner as may be prescribed.

(3) The amount available in the electronic cash ledger may be used for making any payment towards tax, interest, penalty, fees or any other amount payable under the provisions of this Act or the rules made thereunder in

Simplified Act

1. Deposits to Electronic Cash Ledger: When you pay tax, interest, penalties, fees, or other amounts through online banking, cards, or electronic transfers, the amount gets added to your electronic cash ledger, which is kept as per the rules.

2. Credit of Input Tax Credit: The tax credit you claim in your tax return will be added to your electronic credit ledger, following the rules laid out in section 41.

**3.

Explanation using examples

Imagine a business owner, Mr. Sharma, who runs a furniture manufacturing company. He has recently purchased raw materials from a supplier and paid GST on those purchases. This GST paid can be claimed as input tax credit (ITC).

Mr. Sharma files his monthly GST return and self-assesses his ITC. Ac

Section 49 of CGST Act, 2017 : Section 49: Payment Of Tax, Interest, Penalty And Other Amounts

Bare Act

Simplified Act

Explanation using examples

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