16/01/2021
Notification No. 94/2020 – Central Tax
New Rule 86B: Restrictions on use of amount available in electronic credit ledger:-
The registered person whose turnover in a month exceeds 50 Lakhs have to pay 1% of total GST liability of that month through Bank a/c/Cash from 1st January 2021 onwards.
The above- mentioned rule shall not apply to following –
(a) the said person or the proprietor or Karta or the managing director or any of its two partners, whole-time Directors, Members of Managing Committee of Associations or Board of Trustees, as the case may be, have paid more than one lack rupees as income tax in each of the last two financial years.
(b) the registered person has received a refund amount of more than one lack rupees in the preceding financial year on account of unutilised input tax credit.
(c) the registered person has discharged his liability towards output tax through the electronic cash ledger for an amount which is in excess of 1% of the total output tax liability, applied cumulatively, up to the said month in the current financial year;
(d) the registered person is –
(i) Government Department; or
(ii) a Public Sector Undertaking; or
(iii) a local authority; or
(iv) a statutory body:
