Know all about facility for transfer of balance in ECL between registered persons having same PAN:

Know all about facility for transfer of balance in ECL between registered persons having same PAN The Ministry of Finance notified this New Facility for the transfer of balance in an Electronic Cash Ledger (ECL) between the registered persons having the same PAN. The Electronic Cash Ledger contains a summary of all the deposits/payments made by a taxpayer. An Electronic Cash Ledger is an account of the taxpayer maintained by GST system reflecting the cash deposits in recognized Banks and payments of taxes and other dues made by the taxpayer. The Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are also accounted for in the Electronic Cash Ledger as cash deposits of the taxpayer. Utilised balance in CGST/ IGST head in Electronic Cash Ledger, can now be transferred between the registered persons having same PAN.

This Facility will help in:

• Utilizing Balance in Electronic Cash Ledger
• No requirement of filing separate refund claim.
• Promoting Ease of Doing Business.
• Improving liquidity and cash flow of taxpayer.