📌 GST Rule 86B – Short Summary • Restricts use of Input Tax Credit (ITC) for payment of GST liability • Maximum 99% of output GST liability can be paid using ITC • Minimum 1% of output tax liability must be paid in cash • Applicable where taxable turnover exceeds ₹50 lakh in a month • Effective from 01 January 2021 • Applies GSTIN-wise, not PAN-wise • Applies only to output tax liability, not on interest, penalty, or late fee • Not applicable if: – Income tax paid exceeds ₹1 lakh in last 2 FY,
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📌 GST Rule 86B – Short Summary • Restricts use of Input Tax Credit (I…
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GST – Rule 86B – detailed analysis
GST – Rule 86B – detailed analysis
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Day 14 of 30 Days GST Challenge Can’t use 100% ITC if ? Here’s a simplified explanation of Rule 86B under GST. If your monthly taxable turnover (excluding exempt and export supplies) is more than ₹50 lakhs, you must pay at least 1% of your GST liability in cash. The rest can be paid using ITC. But there are important exceptions – like if income tax paid is over ₹1 lakh in each of the last two years, or refund of ITC received is more than ₹1 lakh, or if the business is a government department, PS
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