86 cash No Further a Mystery
86 cash No Further a Mystery
Blog Article
Applicability: This rule is relevant to registered folks possessing taxable price of offer (aside from exempt provide and zero-rated supply) in a month which can be a lot more than Rs.50 lakh. The limit needs to be checked every month prior to submitting Each individual return.
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The FBI seized it, rejected his requests to return it and is now moving to confiscate it with out clarification.
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Ans. You will discover a lot of entities all over India which engage in faux invoicing i.e. check here situation of invoices devoid of genuine supply of goods and / or expert services. These entities have an inclination only to receive credit score and pass on credit to other entities with out earning any payment of taxes in cash.
“They went with a fishing expedition,” Paluch claimed. “They painted us all using this broad brush as criminals.”
Inverted tax structure supply :- Where by tax fee on input is increased when compared to the tax fee on output resulting into accumulation of ITC, Hence refund is authorized and rule 86B will not be utilized.
She told the Justice of the peace that agents would “inspect the house as required to determine the proprietor and preserve the house for safekeeping.” Underneath FBI coverage, she wrote, the inspection “really should lengthen no further than important to find out possession.”
Thus if in almost any thirty day period, the limit of Rs. 50 lakhs isn't crossed though the turnover is a lot more than Rs. six crores within a monetary 12 months, Rule 86B would not need to be complied with.
Ans. The value of all zero-rated supplies which include exports and materials to SEZ will probably be excluded for calculating the limit of Rs. 50 lakhs.
♦ Post-Modification : utilization of e-credit ledger is restricted to utmost of 99% of output tax legal responsibility
e. RCM legal responsibility shall be discharged ONLY employing e-cash ledger. Thus, utilization of ITC to discharge RCM liability isn't authorized at all, Consequently the dilemma of imposing such restriction shall not come up
Q.ten Underneath the exception, whether the Restrict is refund acquired in the course of the calendar year or refund belonging to the year?