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TMI Blog1% payment through Cash LedgerX X X X Extracts X X X X X X X X Extracts X X X X ..... A taxpayer did not pay 1%tax through cash. He paid 100% by ITC. On being pointed out by department , he is ready to pay 1% by cash for earlier period. What to do about 1% already paid by ITC ? Because, it will be additional payment of 1% ? - Reply By KASTURI SETHI - The Reply = Re-credit will be allowed. - Reply By KASTURI SETHI - The Reply = After payment of 1 % in cash, you should apply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for refund claim of 1 % of ITC on the ground of paid in excess under Section 54 (8) of CGST Act and do not take on your own. Such re-credit is permissible. - Reply By Shilpi Jain - The Reply = Is it possible that you pay the 1percent of previous month's liability on cash in this month 3B by short utilising the ITC?. Something like a cumulative compliance? This will avoid refund tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ouble - Reply By Shilpi Jain - The Reply = One more stand is there is no provision in the law for restriction of utilisation of credit. This has been proposed only now. So no requirement to pay - Reply By NARENDER YARRAGORLA - The Reply = Please read Rule 86(b) , there some exceptions are there eg if u paid income tax more than ₹ 1.00 lakh for last two preceding Financial years - Repl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y By Ganeshan Kalyani - The Reply = I agree with the view of Sri Kasturi Sir. - 1% payment through Cash Ledger - Query Started By: - Rajesh Kumar Dated:- 20-2-2022 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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