April 21, 2024


Imagination at work

GSTN blocks Rs 14,000-cr input tax credits of 66,000 taxpayers

GST Community on Tuesday said it has blocked Rs 14,000 crore worth of input tax credit score (ITC) of 66,000 firms registered below GST.

Responding to social media posts dependent on an RTI reply about the Rs six.14 lakh crore of ITC blocked below Rule 86A of GST legislation, GSTN tweeted that the determine contains erroneous knowledge entries made by the taxpayers.

“ITC of about Rs 14,000 crore involving 66,000 taxpayers stands blocked as on day. This is only .38 for each cent (about) of average ITC utilised by all taxpayers in a money year,” tweeted GSTN, the corporation that handles the technological know-how backbone for merchandise and products and services tax.

The authorities had launched Rule 86A in GST guidelines in December 2019 supplying powers to taxmen to block the ITC available in the digital credit score ledger of a taxpayer if the officer has “factors to think” that the ITC was availed fraudulently.

There are at present one.32 crore taxpayers registered below GST.

(Only the headline and photo of this report may perhaps have been reworked by the Business enterprise Regular employees the relaxation of the information is vehicle-generated from a syndicated feed.)

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