The possible debits’ and credits’ to Electronic credit ledger are as follows;
| Debit | Credit |
| (I)Discharge of any liability in accordance with Section 49;
((II)Towards claim for refund of unutilized amount. |
(i) Input tax credit claimed;
(ii) Reversal of amount debited earlier, on account of final rejection of refund (FORM GST PMT-03). |
(ICAI FAQ PUBLICATIONS 06-09-2017 PAYMENT OF TAX, INTEREST ,PENALTY AND OTHER AMOUNTS: FAQ NO. 5)