https://www.taxtmi.com/forum/issue?id=119396 Rule 86B conditions non application of an ITC restriction on a person having paid the requisite income tax "in" each of the last two financial years for which the time to file returns under section 139(1) has expired. The central interpretive issue is whether self assessment or arrear tax paid in a later financial year applies to the earlier financial year's threshold, and whether refunds reduce the tax "paid" for this purpose. The rule's validity and enforceability have been contested, and a later statutory amendment provides explicit authority for restricting electronic credit ledger utilization. en-us Fri, 08 Nov 2024 18:02:57 +0530 Fri, 24 Jan 2025 10:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119396 Rule 86B conditions non application of an ITC restriction on a person having paid the requisite income tax "in" each of the last two financial years for which the time to file returns under section 139(1) has expired. The central interpretive issue is whether self assessment or arrear tax paid in a later financial year applies to the earlier financial year's threshold, and whether refunds reduce the tax "paid" for this purpose. The rule's validity and enforceability have been contested, and a later statutory amendment provides explicit authority for restricting electronic credit ledger utilization. Discussion-Forum GST Fri, 08 Nov 2024 18:02:57 +0530 https://www.taxtmi.com/forum/issue?id=119396