Is trade payable reported in Form DPT-3?
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Dear Sohil Sir
Section 49(3) of the CGST Act 2017, clearly signifies the utilisation of E-cash ledger as stated below:
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 the provisions of this Act or the rules made thereunder in such manner and subject to such conditions and within such time as may be prescribed.
Further the sub section 4 of the above said section states that, the amount available in the electronic credit ledger may be used for making any payment "towards output tax" under this Act or under the Integrated Goods and Services Tax Act in such manner and subject to such conditions and within such time as may be prescribed.
The words "towards output tax" makes it more clear that the payment of tax by recipient under RCM can be made through E-cash ledger only as E-credit ledger is restricted towards the payment of output tax i.e. the cases covered under forward charge mechanism.
Thank You!