New Rule 86B is restricting amount of GST ITC to be utilized towards payment of taxes -CA Bimal Jain

New Rule 86B is restricting amount of GST ITC to be utilized towards payment of taxes || CA Bimal Jain

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[cabimaljain]

Note: The words used in notification are "have paid more than one lakh rupees as income tax under the Income-tax Act, 1961(43 of 1961) in each of the last two financial years"....Kindly note instead of any FY as stated in the video, it should be "each of the last two FY"

[caanitabhadra]

Bombardment of new rules by the Authorities every now & then creates a lot of confusion .
Thank you Sir for explaining in a simplified manner

[saketkeshri]

Is this the gist of gst where it has been said that seemless flow of credit 😭govt showing its true colours

[mujeebrahman]

Thank you Sir. Your English is easy to understand and worthy to be listened

[AnishKumar-fnvl]

Thanks for the clear and simple explanation Sir. 👍🏻

[MyExcelGuideLearnToTeach]

Thankyou sir for explaining in the well manner.. 🙏

[satyandrajain]

Thanks a lot sir for brieifing so important ruling.

[sanjayporiya]

Very useful information
Thank you Sir.

[mohdzuberamdani]

Sir partnership firm par kiska Income Tax liability dekhna he …. Firm ka ke partners ka ?

[caqazizeeshanalam]

Sir there is no hope from professional bodies but if you people will not oppose such absurdity and abuse of law, gst is going to be a mess that will ruin small businesses.

[indrajitkarfa]

Thanks a lot Sir for valuable discussion and guide us update change in GST.

[prateekjain]

In exemption the term used as "said person". So it includes all person such as company as well ??

[SatyendraKumar-iebi]

We need to include Cess for making 1‰ or only IGST, CGST, SGST

[sweetybhandari]

Apr to Mar 23 ka 3B return quartly file karte hai to May 23 me 50 Lacs se jyada Taxable Sale hài to 1% tax paid karna padega ??

[jj]

Sir, rule 86B applies if output tax is Only IGST???

Because CGST notification & SGST(Gujarat) notification issued in this regard but what about IGST??

[saurabhsharma]

Sir rule 86b breach kar diya notice aane par tax with interest paid kr diya itc lapse hogi ya reclaim kr sakte hai Agar kar sakte hai to please rule and section suggest kre

[rashmisarda]

It's good u r updating us on this new rule, but u being the face of gst in India should oppose such regular non sense rule n changes in gst

[rishabhjainrashh]

Hello sir.
What are your views on the application of this new rule?
Because as you said none of the provisions of the act state such restriction so can this be termed as ultra vires?
The same goes with rule 36(4) too as even this restricts availment of itc when supplier has not filed the returns, which is really not in control of assessee and there are few high court's judgements which are against it.

[sagarchordiya]

What is logic of income tax payment in excess of rs 1lakh in GST

[madhavrajtiwari]

Sir like jan month me gst actual payable 20000 tha aur 1% output gst 30000 tha total 50000 paid kar diye
Ab feb month me actual gst payable 1000 aur 1% output gst 15000 nikal raha hai to ye 15000 jan month me jo excess payment hua usme se adjust ho jayega ya feb me payable amount kya hoga ?