{"id":50629,"date":"2024-04-15T23:13:04","date_gmt":"2024-04-15T23:13:04","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=50629"},"modified":"2024-04-15T23:13:04","modified_gmt":"2024-04-15T23:13:04","slug":"every-registered-taxable-person-shall-be-entitled-to-take-credit-of-input-tax-in-his-return-and-such-input-tax-credit-shall-be-credited-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/every-registered-taxable-person-shall-be-entitled-to-take-credit-of-input-tax-in-his-return-and-such-input-tax-credit-shall-be-credited-to\/","title":{"rendered":"Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Personal Ledger Account&#8221; option2=&#8221;Refund account&#8221; option3=&#8221;Electronic Cash Ledger&#8221; option4=&#8221;Electronic Credit Ledger&#8221; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is: D. Electronic Credit Ledger.<\/p>\n<p>An electronic credit ledger is a ledger that is maintained electronically by the government. It is used to track the amount of input tax credit that a registered taxable person is entitled to. The input tax credit is the amount of tax that a registered taxable person has paid on goods or services that they have used for the purpose of making taxable supplies. The input tax credit can be claimed in the return that the registered taxable person files with the government.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>A personal ledger account is a ledger that is maintained by an individual. It is used to track the individual&#8217;s income and expenses.<\/li>\n<li>A refund account is an account that is maintained by the government. It is used to track the amount of money that the government owes to taxpayers.<\/li>\n<li>An electronic cash ledger is a ledger that is maintained electronically by the government. It is used to track the amount of cash that a registered taxable person has received.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Personal Ledger Account&#8221; option2=&#8221;Refund account&#8221; option3=&#8221;Electronic Cash Ledger&#8221; option4=&#8221;Electronic Credit Ledger&#8221; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[969],"tags":[],"class_list":["post-50629","post","type-post","status-publish","format-standard","hentry","category-gst","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/every-registered-taxable-person-shall-be-entitled-to-take-credit-of-input-tax-in-his-return-and-such-input-tax-credit-shall-be-credited-to\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Personal Ledger Account&#8221; 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