[amp_mcq option1=”IGST Liability only” option2=”IGST and CGST liability” option3=”IGST, CGST and SGST liability” option4=”None of them” correct=”option3″]
The correct answer is: C. IGST, CGST and SGST liability.
The balance in electronic credit ledger under IGST can be used against the following liabilities:
- IGST liability
- CGST liability
- SGST liability
The balance in electronic credit ledger can be used to set off against the liability of the same nature and in the same financial year. For example, the balance in the electronic credit ledger of IGST can be used to set off against the liability of IGST only.
The balance in electronic credit ledger can also be carried forward to the next financial year and can be used to set off against the liability of the same nature in the next financial year.
The balance in electronic credit ledger can also be refunded if it is not utilized within the specified time period.