Presently,
under GST law there is a concept of Cash Ledger wherein cash payments are being
made by the tax payers under the three major heads viz: CGST, SGST & IGST. These
major heads are further sub-divided into five different minor heads viz: Tax,
Interest, Fee, and Penalty & Others.
Now,
a tax payer has to pay tax under one major head and under one minor head
combination. Further tax paid is credited to that particular major & minor
heads and is adjustable with the liability under such heads only.
Even
if a tax payer has a surplus amount under one head and deficit under the other
he has no option to offset.
He
needs to pay the deficit amount and to claim the surplus amount either as
refund or to carry forward it for future liability. Due to such a bar the tax
payer’s not only working capitals is blocked but also they are saddled with the
burden of claiming refund.
Thus
it is suggested that the Govt. should collect money under one common cash
ledger and allow assessee to adjust the liability there from as per their need
and requirement.
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