with
monthly
Rotation
of
above
Rs
fifty
lakh will have
to obligatorily
pay
to
less
1 percent
of his
GST
responsibility
in
cashthe Finance Ministry said as it moved
to stop tax evasion through false billing.
The Central Board
of Indirect Tax and Customs (CBIC) has introduced Rule 86B
in Tax on goods and services (
GST) rules that restrict use
of Supported tax credit (ITC) for download
GST
responsibility
to 99 percent.
“… The registered person will not use the amount available
in electronic credit ledger
to download your
responsibility towards the production tax
in excess
of 99 percent
of tax
responsibility,
in cases where the value
of taxable supply …
in one month exceeds
Rs
fifty
lakh”Said the CBIC.
When calculating the
Rotation threshold, sales from
GST exempted goods and zero-rate supply would not be included.
However, this restriction will not apply when the managing director or any partner has paid more than
Rs
1
lakh as income tax or the registrant has received a refund amount
of more than
Rs
1
lakh
in the previous year on account
of Unused input tax credit.
EY’s fiscal partner Abhishek Jain said the government has placed restrictions on the continued use of input credit.
with Introduction
of Rule 89B, which blocks the use
of ITC beyond 99 percent
of The exit
responsibility, for
business have taxable
Rotation
of more than
Rs
fifty
lakh per month.
”
With the government provides reasonable exceptions
to this rule, the idea remains
to prevent misuse
of accredited
business accept bogus credits, ”Jain added.
In addition, the CBIC has modified
GST rules restricting presentation
of exterior supply details
in GSTR-
1 for companies that have not paid taxes during previous periods when filing GSTR 3B.
Until now, until now, no introduction
of GSTR 3B resulted
in blocking
of e-way bill, but now it will turn out
in GSTR
1 lock too.
Abhishek Jain, EY’s tax partner, said: “The government has now restricted filing
of exterior supply details
in GSTR
1 come back for
business who have not paid taxes during the previous periods when filing GSTR 3B.
“The idea of the government here seems
to to be
to stop the passing of the input tax credit
business who otherwise have not paid their
GST
responsibilityJain added.
AMRG & Associates Senior Partner Rajat Mohan said: “These changes indicate that the government is fighting
with lower tax collection and high tax evasions, burden
of that it will once again be from honest taxpayers ”.
The CBIC has also notified the authentication
of Aadhaar number or physical verification
of business premises for the purposes
of obtaining
GST registry.
“This amendment has probably been introduced
to avoid fraudulent registrations, ”added Jain.
Furthermore, the validity
of The provisions of the electronic invoice have been modified by the CBIC in accordance with
to for which the e-way invoice will be valid
1 day for every 200 km
of traveling, compared to 100 km before.
.
