Q.7 Are there any exceptions to the listing of registered folks that are needed to comply with this rule?
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The motto driving the introduction of the rule is to manage the issue of pretend invoices to make use of the faux enter tax credit history to discharge liability. More, it restricts fraudsters from exhibiting high turnovers without the need of owning any monetary reliability.
“This warrant does not authorize a felony search or seizure in the contents of the protection deposit packing containers,” Kim’s March seventeen seizure warrant declared.
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However this rule has also introduced real taxpayers under ambit making it inconvenient for them, the motto of the Government is to avoid fake invoicing and sooner or later control tax evasion.
♦ RCM legal responsibility discharged employing cash in latest economical year shall not be taken into account for computing “greater than one% of complete output tax liability upto the claimed thirty day period continues to be discharged in cash”.
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My issue is my ITC is less than Rs.one Lac, I paid out entire tax payment working with ITC as increased quantity of tax was paid out to Customs. New registration beneath GST, nevertheless I ought to shell out 1% GST through Cash or There may be any way this can be safeguarded.
CBIC has further more clarified that one% would be to be calculated get more info about the tax liability in per month as well as turnover in the respective month.
♦ This proviso gives electric power to the commissioner or even the officer authorised by him During this behalf to remove
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Q.ten Underneath the exception, whether or not the Restrict is refund gained over the calendar year or refund belonging on the yr?