https://www.taxtmi.com/article/detailed?id=9606 Rule 86B restricts use of Input Tax Credit from the electronic credit ledger so that registered persons whose monthly taxable supplies (excluding exempt and zero rated supplies) exceed the turnover threshold cannot discharge more than ninety nine per cent of output tax liability through credits. The rule overrides other rules, lists eligibility exceptions including specified income tax payments and refund receipts in prior years, exempts certain public bodies, allows Commissioner discretion to remove the restriction after verification, and requires taxpayers to track cumulative cash payments. en-us Wed, 30 Dec 2020 11:28:09 +0530 Wed, 30 Dec 2020 11:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9606 Rule 86B restricts use of Input Tax Credit from the electronic credit ledger so that registered persons whose monthly taxable supplies (excluding exempt and zero rated supplies) exceed the turnover threshold cannot discharge more than ninety nine per cent of output tax liability through credits. The rule overrides other rules, lists eligibility exceptions including specified income tax payments and refund receipts in prior years, exempts certain public bodies, allows Commissioner discretion to remove the restriction after verification, and requires taxpayers to track cumulative cash payments. Articles Goods and Services Tax - GST Wed, 30 Dec 2020 11:28:09 +0530 https://www.taxtmi.com/article/detailed?id=9606