e. RCM liability shall be discharged ONLY applying e-cash ledger. Thus, utilization of ITC to discharge RCM liability is not allowed in any way, Therefore the issue of imposing these kinds of restriction shall not come up
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Robert E. Johnson, a lawyer symbolizing Ruiz and 6 other box holders in a class-action fit trying to find destruction of all records produced via the look for, sees the case as an alarming indicator of presidency initiatives to “criminalize fiscal privateness.”
The federal government “can’t take stuff with no evidence during the hopes that you simply’re likely to get it later,” reported Benjamin Gluck, an attorney who represents box holders suing The federal government to retrieve their assets.
Rule 86B has been through serious criticism from many stakeholders at any time For the reason that very same has actually been notified by the Government. It puts a restriction on the quantity which may be made use of in the electronic credit score ledger when making the payment of output taxes.
Possessing said this, it might be argued in this kind of predicament, there was no avoidance of any tax liability. Hence, there isn't any total payable to the government. Thus, there can not be any issue of any tax legal responsibility or desire or penalty payable about the contravention of the provision.
In civil forfeitures, 86 cash no criminal conviction is necessary. The government just needs to verify that it’s a lot more most likely than not that the money or house it seeks to confiscate was connected to criminal activity.
The indictment states U.S. Non-public Vaults promoted by itself to attract criminals who needed to keep valuables anonymously and preserve tax authorities at bay.
Federal agents say using rubber bands and also other normal ways of storing cash were being indications of drug trafficking or funds laundering.
Which means the registration of a person is usually cancelled if fails to adjust to the necessary deposit of one% with the output tax legal responsibility in cash anywhere applicable.
“This undoubtedly doesn’t scent good,” mentioned former federal prosecutor David B. Smith, the author of “Prosecution and Defense of Forfeiture Cases.” “They will’t say, ‘you demonstrate me This can be respectable funds’ — that’s not the legislation, and no choose will almost certainly let them do that.”
My position is my ITC is less than Rs.1 Lac, I paid total tax payment applying ITC as better amount of tax was paid out to Customs. New registration underneath GST, nevertheless I really need to shell out 1% GST by way of Cash or There's any way this can be safeguarded.
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