Everything about 86 cash
Everything about 86 cash
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After dealing with the above limitations and exceptions launched by Rule 86B, it is clear that the above mentioned rule is relevant only to the big taxpayers. There will be no impact on micro and tiny organizations.
c) Scrutiny of returns: Scrutiny of returns could be completed by the appropriate officer to verify the correctness with the return According to Area sixty one of the CGST Act 2017. Thereafter, the discrepancies are communicated on the taxpayer for seeking explanation. Non-payment of obligatory one% cash ingredient can entice the Section’s notice via this segment.
Restriction imposed: The applicable registered people can not use ITC in excessive of 99% of output tax legal responsibility. In basic words, much more than 99% of your output tax liability can not be discharged by using input tax credit history.
In the event the registered person underneath problem has discharged his legal responsibility in the direction of output tax by Digital cash ledger for an quantity in excessive of one% cumulatively of the whole output tax liability up on the reported thirty day period in The existing economic 12 months.
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Ans. The Restrict of 1% is to the output tax legal responsibility only. Reverse charge payments can't be regarded as payment of output taxes. Thus, the limit of 1% will exclude the part of taxes that has been paid beneath reverse demand.
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