The Electronic Cash Ledger is primarily used for ___ payments.

Tax payments

Fill in the blank: The E-Liability Ledger shows the total tax ___ of a taxpayer after adjustments.

Liability

What is the purpose of the Electronic Credit Ledger?

The Electronic Credit Ledger records the input tax credit on purchases and can be used to offset future tax liabilities.

Fill in the blank: Registered taxable persons must maintain accounting records for a minimum of ___ months.

6 years (72 months).

What happens if a taxpayer fails to maintain proper records under GST?

The designated officer will assess tax liability on unrecorded goods/services as if they were supplied by the taxpayer.

True or False: The deadline for filing the Annual Return is December 31 of the year following the fiscal year.

True

What records must be kept in relation to stock under GST?

Businesses must maintain records of the stock of goods available for sale or use in the business.

How is the balance in the Electronic Cash Ledger used?

The balance in the Electronic Cash Ledger is used exclusively for making tax payments.