Gujarat High Court Issues Notice to CBIC for Rule 86B of the CGST Rules

Gujarat High Court Issues Notice to CBIC for Rule 86B of the CGST Rules

Rule 86B of the CGST Rules has been challenged in Gujarat High Court in the case of AAP and Co. v/s Union of India. This has been challenged by Advocate Mr. Avinash Poddar and notice has been issued to CBIC (respondent) returnable on 24th February, 2021.

This rule is applicable to registered persons having taxable value of supply (other than exempt supply and zero-rated supply) in a month which is more than Rs. 50 lakh. The limit has to be checked every month before filing each return. As per this rule, registered taxpayers cannot use ITC in excess of 99% of output tax liability (i.e. they have to pay 1% in cash).

 

You May Also Like : CA Arrested for Fraudulently Passing on Fake ITC of Rs. 14.30 Crore

You May Visit this also : Some important points to keep in mind at the time of Reconciliation between Books and GST Portal

Leave a Reply

S&P BSE SENSEX  ^BSESN 
₹ 47,883.38  ₹ 1.00  -3.44%  
NIFTY 50  ^NSEI 
₹ 14,310.80  ₹ 524.05  -3.53%  
NIFTY BANK  ^NSEBANK 
₹ 30,792.00  ₹ 1.00  -5.10%  
USD/INR  INR=X 
₹ 75.06  ₹ 0.3400  0.46%  
GST TAXPAYERS WHO ARE UNDER QRMP SCHEME? Auto-population of e-invoice details into GSTR-1 trial ITR 1 and 4 Utilities for has been available for E-filing for the Assessment year 2021-2022 Accounting Software with Audit Trail Just In:- CBDT Issue clarification Knowledge is Power! Latest Post