SC: Disciplinary Proceedings Cannot Follow if an Officer is Discharged on the Same Charge  ||  SC Clarified the Distinction Between Arbitration “Seat” And “Venue” While Summarising Key Principles  ||  Supreme Court: Wife and Her Family Cannot Be Prosecuted For Dowry-Giving Based On Her Complaint  ||  SC: Plaint Cannot Be Rejected Under Order VII Rule 11 CPC on the Ground of Order II Rule 2 Bar  ||  Supreme Court Has Issued an SOP Prescribing Strict Timelines For Filing Legal Aid Appeals  ||  Madras HC: Dhurandhar 2 Release Cannot be Stalled Due to Objections From a Small Section  ||  Delhi HC: Lokpal May Form Prima Facie Opinion Before Show Cause Notice Without Prior Hearing  ||  Bom HC: Family Courts Cannot Casually Order a Spouse’s Medical Examination to Assess Mental Health  ||  Bombay HC: Child Care Leave Protects Motherhood and Denial Violates Rights of Mother and Child  ||  Supreme Court: Amalgamating Company Loss Cannot be Set Off Against Amalgamated Income    

# GST Changes Applicable From 01.01.2021: Compulsory Payment by Cash of At Least 1% of Tax Liability - (29 Dec 2020)

GOODS AND SERVICES TAX

New Rule 86B has introduced restrictions on the use of amount of Input Tax Credit (ITC) available in electronic credit ledger. As per the said Rule, a registered taxpayer, where the value of taxable supply other than exempt supply and zero-rated supply exceeds Rs. 50 Lakhs per month, cannot discharge his liability in excess of 99% by utilizing the ITC.

Tags : TAX LIABILITY   USE OF ITC  

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