Electronic payment of tax, interest, penalty and other amounts :
Every deposit made towards tax, interest, penalty, fee or any other amount by a taxable person by internet banking or by using credit/debit cards or National Electronic Fund Transfer [NEFT] or Real Time Gross Settlement [RTGS] or by such other mode and subject to such conditions and restrictions as may be prescribed. The payment shall be credited to the electronic cash ledger of such person. – section 49(1) of CGST Act.
“Electronic cash ledger” means the electronic cash ledger referred to in section 49(1) of CGST Act – section 2(43) of CGST Act.
Rounding off of tax etc. – The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of the Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored – section 170 of CGST Act.
Note that rounding of tax shown in each invoice is not required to be rounded off. Only consolidated payment to Government has to be rounded off.
Credit of ITC to Electronic Credit Ledger – The input tax credit as self-assessed in the return of a taxable person shall be credited to his electronic credit ledger – section 49(2) of CGST Act.
“Electronic credit ledger” means the electronic credit ledger referred to in section 49(2) – section 2(46) of CGST Act.