ELECTRONIC CREDIT LEDGER
1. Sub Section (2) of Section 49 of the CGST Act provides that the self-assessed Input Tax Credit as per return filed by a taxable person shall be credited to its Electronic Credit Ledger.
2. This ledger shall be maintained in FORM GST PMT-02 for each registered person eligible for input tax credit under the Act on the Common Portal and every claim of input tax credit under the Act shall be credited to the said Ledger.
3. The Electronic credit ledger may include the following:
— Transitional credit of Excise and Service tax as CGST Credit and State VAT credit as SGST Credit.
— ITC on inward supplies (including eligible capital goods) from registered tax payers
— ITC available based on distribution from input services distributor (ISD).
— ITC on Input of Stock held/ semi-finished goods or finished goods held in stock on the day immediately preceding the date from which the taxpayer became liable to pay tax provided he applies for registration within 30 days from the date of his liability.
— Permissible ITC on inputs held in stock and inputs contained in semi- finished or finished goods held in stock on the day of conversion from composition scheme to regular tax scheme.
— ITC eligible on payment made on reverse charge basis The above list is illustrative and not exhaustive viz., credit transfers to a recipient in cases of mergers, amalgamations etc.,.
4. A registered person shall, upon noticing any discrepancy in his electronic credit ledger, is to communicate the same to the officer exercising jurisdiction in the matter, through the Common Portal in FORM GST PMT-04