New Delhi: Traders' body CAIT on Friday urged Finance Minister Nirmala Sitharaman to defer the implementation of Rule 86B in GST, whereby businesses with over ₹50 lakh monthly turnover will have to pay at least 1 per cent of their GST liability in cash, terming it a "counter productive" measure that will increase the traders' compliance burden. The Central Board of Indirect Taxes and Customs has introduced Rule 86B in Goods and Services Tax (GST) which restricts use of input tax credit for discharging GST liability to 99 per cent. "Unfettered and discretionary powers including cancellation of GST registration and power to arrest are vested to officials and its misappropriate use can't be ruled out," the traders' body claimed. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint December 25, 2020 11:44 UTC