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Restriction on ITC Utilization As Per New Rule 86B.

The Central Board of Indirect Taxes and Customs (CBIC) in India has introduced new rule 86B inĀ  CGST (Central Goods and Services Tax) Rules vide notification number 94/2020 dated 22.12.2020. The rule 86B became effective from 01.01.2021. restrictiononitcutilizationaspernewrule86b.jpg

amount available in electronic-credit ledger to discharge his liability towards output tax in excess of 99% of such tax liability, in cases where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds 50 lakh rupees.

Read more:-https://www.akgvg.com/blog/restriction-on-itc-utilization-as-per-new-rule-86b/