GSTN blocks Rs 14,000-cr enter tax credit of 66,000 taxpayers

GST Community on Tuesday stated it has blocked Rs 14,000 crore price of enter tax credit score (ITC) of 66,000 companies registered below GST.

Responding to social media posts based mostly on an RTI reply in regards to the Rs 6.14 lakh crore of ITC blocked below Rule 86A of GST legal guidelines, GSTN tweeted that the determine consists of inaccurate information entries made by the taxpayers.

“ITC of roughly Rs 14,000 crore involving 66,000 taxpayers stands blocked as on date. That is solely 0.38 per cent (roughly) of common ITC utilised by all taxpayers in a monetary 12 months,” tweeted GSTN, the corporate that handles the expertise spine for items and companies tax.

The federal government had launched Rule 86A in GST guidelines in December 2019 giving powers to taxmen to dam the ITC obtainable within the digital credit score ledger of a taxpayer if the officer has “causes to consider” that the ITC was availed fraudulently.

There are at the moment 1.32 crore taxpayers registered below GST.

(Solely the headline and movie of this report might have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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