What Does 86 cash Mean?
What Does 86 cash Mean?
Blog Article
Although it could seem to be Rule 86B will be to severely dampen the benefit of carrying out small business, the intent powering the notification on the said provision shouldn't be obscured. It can be to catch maintain of folks issuing pretend invoices and therefore are ‘fly by night time’ operators.
Realized would not deliver tax or lawful information. This materials will not be a substitute for in search of the recommendation of an experienced Specialist in your unique condition.
Rule 86B restrictions the usage of enter tax credit score (ITC) accessible during the electronic credit score ledger for discharging the output tax legal responsibility. This rule has an overriding effect on all another CGST Rules.
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The motto driving the introduction of this rule is to control The difficulty of pretend invoices to utilize the phony input tax credit score to discharge liability. Even more, it restricts fraudsters from demonstrating large turnovers without owning any economic reliability.
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Ans. Only registered people that have taxable materials of over Rs. 50 lakhs in a specific month (topic to specific exceptions) must adjust to this provision.
Ans. It mandates cash payment of 1% with the output tax liability with a regular monthly basis with the registered folks who will be protected by this rule. This payment of legal responsibility in cash might be expected regardless of The very fact that there is an present equilibrium within the Digital credit history ledger.
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