Term Personal Ledger Account (PLA) under Indian Tax

What is Personal Ledger Account (PLA) under Indian Tax

 

This post explains about Personal Ledger Account (PLA) under Indian Tax.

Personal ledger Account (PLA)

Personal ledger Account is an account with the Central Government, which is utilized for payment of excise duty. The account is credited when the sum is deposited in bank by GAR-7 challan and debited on payment of excise duty.  Each debit and credit entry should be made on separate lines and assigned a running serial number for the financial year.  PLA and CENVAT credit should be used only for payment of excise duty and not for other payment like rent, lines, penalties etc.

The PLA must be prepared in triplicate by writing with an indelible pencil and using double sided carbon. Original and duplicate copies of PLA and Xerox copy of GAR-7 challans should be submitted along with monthly/quarterly ER-1/ER-3 return.  Mutilations or erasures of entries once made in the PLA are not allowed. If any correction becomes necessary, the original entry should be scored out and attested by the assesse or his authorized agent.

No restrictions exist with regard to any minimum amount, which should necessarily remain in balance to the credit of an assessed in his PLA. Practically, after introduction of monthly payment system, PLA has become redundant except in the month of March. In the month of March, duty is required to be paid before 31st March. Hence, generally assesse pays higher amount to be on safe side.

The information provided here is about Personal Ledger Account (PLA) under Indian Tax.  If you would you like to add more information about Personal Ledger Account (PLA) under Indian Tax, share below your thoughts.

 

 

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Can a person without GST registration claim ITC?

 Why separate Registration of GST in each state in India, for each business.

 Latest date to file GST registration in India

Procedures to obtain GST registration for non-resident taxable person

Is digital signature option available under registration of GST in India?

 Advantages of GST registration in India

Who has to obtain GST registration in India?

Does GST registration number of my firm change time to time in India?

 Is GST registration required for a public sector undertaking?

 Is amendment of GST registration allowed in India?

 Cancellation of GST registration in India

Centralized GST registration of services permitted in India?

 Retired from business ownership. Fresh GST registration in India?

Term RBI on T+1 basis under GST

Term Provisional Identification Number(PID)under GST

Term provisional assessment under GST

Migration of existing taxpayers under GST

Meaning of term Principles of levy under GST

Term Principle of supply under GST

Term place of supply under GST

Meaning of term GST Returns under GST

Payment voucher under GST

How to amend AWB number in Import General Manifest (IGM)

 How to amend BL number in Import General Manifest (IGM)

How to amend consignee (importer) name in Import General Manifest (IGM)

 How to amend container number in Import General Manifest IGM

 How to amend date of bill of lading in Import General Manifest (IGM) in India

 How to amend description of goods in Import General Manifest (IGM)

How to amend measurements in IGM (Import General Manifest) in India

 How to amend number of packages in Import General Manifest (IGM)

How to amend quantity of goods in Import General Manifest (IGM)

 How to amend shipper name in Import General Manifest (IGM)

How to Import to Ethiopia?

How to import to India from Ethiopia?

How to Import to Estonia?

How to export from Estonia?

How to export from Dominican Republic?

How to Import to Dominican Republic?

How to import to India from Dominican Republic?

Documents required for Export from Dominican Republic

Customs procedures for Dominican Republic Export

 


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers