The 2-Minute Rule for 86 cash
The 2-Minute Rule for 86 cash
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Rule 86B has gone through severe criticism from numerous stakeholders at any time Because the very same is notified by the Government. It puts a restriction on the amount which can be employed through the electronic credit score ledger even though generating the payment of output taxes.
I failed to apply rule 86B in a specific thirty day period. Would there certainly be a penalty, desire or reversal of ITC in subsequent month?
The money and goods are Amongst the contents of about 800 safe deposit containers the FBI seized in late March through a five-working day raid on the U.S. Non-public Vaults keep in an Olympic Boulevard strip mall noted for its kosher vegan Thai restaurant.
♦ This leisure states that if the individual has paid out over one% making use of e-cash ledger for discharging OUTPUT TAX upto the reported month in latest monetary calendar year then this restriction will never utilize i.
“By seizing the nests of security deposit containers, the government will necessarily end up with custody of what's inside of All those packing containers in the beginning.”
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It is recommended which you thoroughly critique the phrases on the financial loan in advance of transferring forward. Should you agree to the conditions, you're going to be directed to your website page that may request for the e-signature.
Inverted tax construction supply :- Where by here tax amount on input is higher compared to tax rate on output resulting into accumulation of ITC, Hence refund is authorized and rule 86B is not really used.
d) The registered man or woman has discharged his legal responsibility to output tax through electronic cash ledger in surplus of 1% of overall output tax liability utilized cumulatively upto the explained month in the current fiscal year
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Very well defined all difficulties, Sir, could you please clarify that irrespective of whether if 1% ITC paid in cash for the thirty day period of January could well be thought of for subsequent months though checking the exception proviso to this Rule?
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When the registered person underneath problem has received a refund of amount of money larger than Rs.1 lakh within the previous monetary calendar year on account of export beneath LUT or because of inverted tax composition.