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Input Tax credit as credited in Electronic Credit record can be used for?

38. Input Tax credit as credited in Electronic Credit record can be used for?

1. Fine Payment
2. Tax Payment
3. Interest Payment
4. Penalty Payment

Answer: B) Tax Payment

Explanation:

Credit in Electronic Cash Ledger can be utilized uniquely for the installment of expense. This implies that the equilibrium of Electronic Credit Ledger can't be used for the installment of interest, punishment, or late expenses. Premium and Penalty can be paid uniquely through genuine money installment.