TaxTMI 
TaxTMI 
Rule 86B under CGST Act
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....ule 86B under CGST Act<br> Query (Issue) Started By: - gunda ashok kumar Dated:- 7-6-2024 Last Reply Date:- 6-12-2024 Goods and Services Tax - GST<br>Got 8 Replies<br>GST<br>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 ye....
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....ar 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 Rule 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,....
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.... 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 could 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 R....
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....eply: 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 interest 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....
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.... 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 / Madam, If the Taxes had been paid through DRC-03 along with Interest then how it can be reclaim again in GSTR-3B? Reply By Affirmservicesconsultancy Privatelimited: The Reply: Sir Please clarify that 1% cash in applicable head wise i.e.....
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.... IGST, CGST & SGST seperately or cumulitive (on total tax amount) as per Rule 86B of CGST Act. Reply By KASTURI SETHI: The Reply: Total 1 % payable in cash. Either IGST 1 % or CGST ; 0.50 % and SGST : 0.50%<br> Discussion Forum - Knowledge Sharing ....