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March 2021 - CA Raichura & Associates

March 30, 2021

Blocked Credit Under Section 17(5)

Under section 17(5) of the CGST Act, there are certain supplies on which input tax credit under GST is not available. These supplies can also be said as blocked credit. Section 17(5)(a): (1) Motor Vehicle for transportation of person having approved seating capacity of not more than 13 persons Except when used for: 1. Further...

by CA Charmi Raichura

March 25, 2021

News Room0

The Rule 86B in words of the law is-

“86B. Restrictions on the use of amounts available in electronic credit ledger. Notwithstanding anything contained in these rules, the registered person shall not use the amount available in the electronic credit ledger to discharge his liability towards output tax over ninety-nine percent of such tax liability, in cases where the value of taxable supply other...