discharged the legal responsibility following rule 86(B) throughout the credit score ledger as an alternative to cash ledger. am i answerable for curiosity if paid discharged by means of cash ledger afterwards
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Ans. Small taxpayers possessing below Rs. fifty lakhs value of taxable supplies would not get covered. Also, from the exceptions mentioned above, most of the authentic taxpayers are removed within the ambit of the rule.
Rule 86B has gone through intense criticism from several stakeholders ever For the reason that exact same continues to be notified by The federal government. It places a restriction on the quantity which may be utilised in the electronic credit rating ledger whilst earning the payment of output taxes.
Ans. The Restrict of 1% is to the output tax legal responsibility only. Reverse demand payments can not be regarded as payment of output taxes. Thus, the limit of one% will exclude the part of taxes which has been compensated beneath reverse charge.
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Ans. Let's assume the next case in point in order to determine the applicability of Rule 86B for month of January 2021:
Nevertheless, the ITC accessible while in the Digital credit rating ledger could always be absolutely utilised for discharging the output tax liability. The new Rule 86B has limited the use of ITC balance for having to pay its output tax liability.
Right after going through the above constraints and exceptions introduced by Rule 86B, it is obvious that the above rule is relevant only to the large taxpayers. There'll be no impact on micro and smaller firms.