Rule 86B under CGST Act

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..... One of my client has set off output tax with 100% ITC department issued notice to pay 1% cash.As per the frequent questions any month limit Rs.50 lakhs is not crossed but the turnover is more than Rs.6 crores in a financial year Rule 86B does not need to be complied with.If the turnover is less than Rs.6 crores in a financial year but the taxable supplies for any month exceeds Rs. 5o lakhs the Rul .....

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..... e 86B stands attracted. I request the experts please clarify the issue how to proceed in the matter regarding if cash payment is made 1% how to get ITC - Reply By Shilpi Jain - The Reply = cs given in rule 86B are not satisfied, the month in which the turnover exceeds 50L 1% will have to be paid in cash. The annual turnover is of no relevance. - Reply By Shilpi Jain - The Reply = The implication c .....

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..... ould be payment is can and taking re credit. Also interest liability for the cash component. - Reply By gunda ashok kumar - The Reply = Pl inform any case laws on rule 86B CGST till to date - Reply By RaamSrinivasan Kalpathi - The Reply = Where is the necessity to refer to a case law in this open and shut point? As suggested by Madam Shilpi, please remit the tax through DRC-03 challan with interes .....

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..... t and avail the excess remittance in the next month's 3B. We can even mention the same in DRC-03 challan remarks column and intimate the same to the department also. - Reply By KASTURI SETHI - The Reply = Case law is required only when law is not clear. In every situation, case law is not possible. I agree with the views of the experts. - Reply By KUMAR Narasimhan - The Reply = Dear Sir / Mada .....

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..... m, If the Taxes had been paid through DRC-03 along with Interest then how it can be reclaim again in GSTR-3B ? - Rule 86B under CGST Act - Query Started By: - gunda ashok kumar Dated:- 7-6-2024 Last Replied Date:- 14-10-2024 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementin .....

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..... dia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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