https://www.taxtmi.com/forum/issue?id=117434 Rule 86B restricts utilisation of the electronic credit ledger for payment of output tax when income tax paid in each of the two preceding financial years is below the statutory threshold; the restriction applies only if monthly taxable supplies exceed the turnover threshold, and a proviso exempts persons who (or whose specified associates) have each paid income tax above the threshold in each of those two years. A newly formed company lacking the two year tax payment history falls within the restriction if its monthly taxable supplies exceed the turnover threshold. en-us Fri, 20 Aug 2021 14:15:41 +0530 Thu, 23 Jan 2025 15:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117434 Rule 86B restricts utilisation of the electronic credit ledger for payment of output tax when income tax paid in each of the two preceding financial years is below the statutory threshold; the restriction applies only if monthly taxable supplies exceed the turnover threshold, and a proviso exempts persons who (or whose specified associates) have each paid income tax above the threshold in each of those two years. A newly formed company lacking the two year tax payment history falls within the restriction if its monthly taxable supplies exceed the turnover threshold. Discussion-Forum GST Fri, 20 Aug 2021 14:15:41 +0530 https://www.taxtmi.com/forum/issue?id=117434