On the flip side, Should the turnover is less than Rs. six crores inside of a economic 12 months but the taxable provides for almost any thirty day period exceeds Rs. fifty lakhs, then Rule 86B stands captivated.
Recognized will not give tax or legal guidance. This material is not really a substitute for seeking the recommendation of a certified Skilled for the individual circumstance.
Rule 86B limitations the usage of input tax credit score (ITC) obtainable in the Digital credit history ledger for discharging the output tax legal responsibility. This rule has an overriding effect on all the other CGST Guidelines.
The federal government “can’t acquire stuff with out proof from the hopes that you simply’re about to get it later,” explained Benjamin Gluck, a lawyer who signifies box holders suing the government to retrieve their assets.
“By seizing the nests of basic safety deposit packing containers, The federal government will essentially end up having custody of what's inside of Those people packing containers initially.”
In case the FBI desired to search the packing containers, the attorneys say, it initial needed to meet up with the typical for the court-issued warrant: Possible trigger that proof of certain crimes might be observed.
“I was not featuring to become a liaison involving you and also the FBI,” Brown wrote. “My recommendation that you Obtain applicable records was mere widespread perception. I don't know what processes the FBI will make use of to vet promises; your ideas are as good as mine.”
Which means the registration of a person is often cancelled if fails to comply with the obligatory deposit of 1% from the output tax legal responsibility in cash wherever relevant.
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Perfectly stated all troubles, Sir, could you you should make clear that whether or not if one% ITC paid in cash for that thirty day period of January could well be viewed as for subsequent months when examining the exception proviso to this Rule?
My stage is my ITC is under Rs.1 Lac, I paid total tax payment utilizing ITC as larger volume of tax was paid out to Customs. New registration beneath GST, even now I ought to shell out 1% GST via Cash or There exists any way this can be safeguarded.
Q.10 Beneath the exception, whether or not the limit is refund acquired during the yr or refund belonging to your year?