GST Portal Update: GSTN introduced New Tab for Rule 86B w.r.t. Electronic Credit Ledger

The GSTN has issued an update regarding introduction of New Tab Rule 86B which limit the use of amount accessible in the Electronic Credit Ledger.

Rule 86B for ITC restriction

Reetu | Jul 28, 2023 |

GST Portal Update: GSTN introduced New Tab for Rule 86B w.r.t. Electronic Credit Ledger

GST Portal Update: GSTN introduced New Tab for Rule 86B w.r.t. Electronic Credit Ledger

The Goods and Services Tax Network(GSTN) has issued an update regarding the introduction of the New Tab Rule for 86B which limits the use of amount accessible in the Electronic Credit Ledger.

The Input Tax Credit (“ITC”) accessible in a registered person’s Electronic Credit Ledger is subject to a 99% restriction under this rule. This requires 1% of the production liability to be paid in cash.

The limitation applies when the value of taxable supply in a month, excluding exempt and zero-rated supply, reaches Rs.50 lakh Rupees.

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
Sales Tax hike on Fuel might make Petrol and Diesel costlier in Karnataka Empanelment of Chartered Accountant Firms for Concurrent Audit of Indian Overseas Bank ITR Filing: Key Changes in the Income Tax Return Forms AY 2024-25 Budget 2024 likely to be presented on July 22: Final Date Awaited 53rd GST Council meeting to be held on 22nd June 2024 at New DelhiView All Posts