Section 49

(1) Every deposit made towards tax, interest, penalty, fee or any other amount by a taxable person by internet banking or by using credit or debit cards or NEFT or RTGS shall be credited to the electronic cash ledger of such person. (2) The input tax credit as self-assessed in the return shall be credited to the electronic credit ledger of such person. (3) The amount available in the electronic cash ledger may be used for making any payment towards tax, interest, penalty, fees or any other amount payable under this Act. (4) The amount available in the electronic credit ledger may be used for making any payment towards output tax payable under this Act.