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.

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Reetu
Name: Reetu
Designation: Content Manager
Company: Studycafe
Location: Delhi, India
Total Posts: 8272

Reetu is a Content Writer with 4+ years of experience in GST, Income Tax, Finance, Company Law, Education and Career Related Content. She is a B.COM (Honrs.) Graduate.

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