Hi all
one of our clients have got about 1,600 rs credit in their cash ledger (800 cgst and 800 sgst). Upon review i realised that the same has accrued by way of reversal of late fee paid by them in respect of returns for the months july and august.
Can this amount be used to pay off late fee for the current month...?
Thanks in advance
Vignesh P
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Utilisation of amount in cash ledger
Replies (3)
you can use this amount to pay taxes as amount is returned under tax head and not in fees
yes,you can
yes u can, but under following conditions
1. RULE 1: The amount of Cash deposited for CGST/SGST/UTGST/IGST/Cess in the cash ledger can be used for payment of CGST/SGST/UTGST/IGST/Cess liabilities respectively. No inter head adjustment is allowed for major heads.
2. RULE 2: Cash deposited under the minor head i.e. Tax/Interest/Fee/Penalty/Others in the cash ledger can be utilized for payment of Tax/Interest/Fee/Penalty/Others liabilities respectively of the same major head. No minor head adjustment is allowed.
1. RULE 1: The amount of Cash deposited for CGST/SGST/UTGST/IGST/Cess in the cash ledger can be used for payment of CGST/SGST/UTGST/IGST/Cess liabilities respectively. No inter head adjustment is allowed for major heads.
2. RULE 2: Cash deposited under the minor head i.e. Tax/Interest/Fee/Penalty/Others in the cash ledger can be utilized for payment of Tax/Interest/Fee/Penalty/Others liabilities respectively of the same major head. No minor head adjustment is allowed.
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