5 Simple Techniques For 86 cash
5 Simple Techniques For 86 cash
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Inverted tax structure supply :- Exactly where tax price on enter is greater as opposed to tax fee on output resulting into accumulation of ITC, So refund is allowed and rule 86B will not be utilized.
“The government’s idea is having cash will make you a presumptive criminal, and I feel each and every American need to be concerned about that,” mentioned Johnson, a senior legal professional in the libertarian Institute for Justice in Virginia.
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Ans. The limit of one% is within the output tax legal responsibility only. Reverse demand payments cannot be considered as payment of output taxes. Therefore, the limit of one% will exclude the percentage of taxes that has been paid out below reverse demand.
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discharged the legal responsibility following rule 86(B) with the credit score ledger as an alternative to cash ledger. am i liable for interest if paid discharged via cash ledger later
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Almost all of the unscrupulous taxpayers and a handful of legitimate taxpayers would be coated inside the ambit of this rule. Any real taxpayer having lined by this provision and struggling with a cash crunch whilst producing payment of GST in cash really should make an software into the jurisdictional Commissioner for removing of your restriction of Rule 86B on him.
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Ans. The Restrict of Rs. Just one lakh will likely be calculated for inverted obligation framework and zero rated supplies separately. Thus, the limit for the exports and provides to SEZ developer or unit are going to be clubbed to determine Rs. One lakh but that on the inverted responsibility structure will be separate.
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