Dear sir,
what is sec 86B ...
we have a credit Itc on IGST..
shall I need pay 1% tax?
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Sec 86B
Replies (6)
Quick Summary
Section 86B is
Notwithstanding anything contained in these rules,
the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99% of such tax liability, in cases where the value of taxable supply in a month exceeds 50 Lakhs other than exempt supply and zero-rated supply.
Notwithstanding anything contained in these rules,
the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99% of such tax liability, in cases where the value of taxable supply in a month exceeds 50 Lakhs other than exempt supply and zero-rated supply.
We paid tds 1lack above monthly , then this rule apllicable us
It might not applicable
Whether your income tax liability for the previous FYs was more than Rs. 1 Lacs which you have paid via taxes or tds then you are not required to pay 1% liability through cash.
Thanks experts
Your welcome
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