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Friday, August 9, 2019

Electronic Cash Ladger


ELECTRONIC CASH LEDGER:
This is an e-wallet, use for GST portal. Any GST payment made in cash or through bank reflects in Electronic Cash Ledger.
After deduction of Input Tax Credit (ITC) any balance tax liability has to be paid using the balance in Electronic Cash Ledger.

Mr A has a GST on sales of Rs 1,00,000. He also has an Input Tax Credit on purchases of Rs 75,000. The balance is his Electronic Cash Ledger is Nil.

Particulars
Amount
GST on Sales
1,00,00.00
Input Tax Credit (ITC)
75,000.00
GST Liability to be paid
25,000.00

The GST Liability of Rs. 25,000 has to be paid in the form of cash/bank payment.

Mr A will deposit Rs 25,000. This will be shown in Electronic Cash Ledger of Mr.A. The balance of the ledger will be utilised for the payment of GST. This payment will reflect in Mr.A’s Electronic Cash Ledger.

electronic cash ladger
electronic cash ladger 

electronic cash ladger
electronic cash ladger 

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