Dear sir/ madam
My question is (December)
taxable value (sale). 18669392
output cgst.. 466734
output sgst.. 466734
purchase taxable value... 5616023
input tax cgst... 143028
input tax sgst.... 143028
will 86b rule applicable ?
can we utilise the full ITC against of output for the month of December...?
our tax liability is more than input tax.....
Data is inadequate to tell this
as per the new rule this is applicable to the registration person whose value of taxable supply other than exempt supply and export in a month exceeds 50lakh
again the rule is not applicable if
the registration person deposited more than 1 lakh rs in two financial year as per the income tax act
again if he received refund more than 1lakh in the previous year in account of export under LUT or inverted tax forms or structure
again each month cumulative discharge of output tax liability in cash in the current financial year is more than 1%upto the filling of return
again no psu
government
local authorities are not applicable
CAclubindia
