GSTN blocks Rs 14,000-cr input tax credits of 66,000 taxpayers
PTI, Oct 12, 2021, 4:15 PM IST
New Delhi: GST Network on Tuesday said it has blocked Rs 14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under GST.
Responding to social media posts based on an RTI reply about the Rs 6.14 lakh crore of ITC blocked under Rule 86A of GST laws, GSTN tweeted that the figure includes erroneous data entries made by the taxpayers.
“ITC of approximately Rs 14,000 crore involving 66,000 taxpayers stands blocked as of date. This is only 0.38 percent (approximately) of average ITC utilized by all taxpayers in a financial year,” tweeted GSTN, the company that handles the technology backbone for goods and services tax.
The government had introduced Rule 86A in GST rules in December 2019 giving powers to taxmen to block the ITC available in the electronic credit ledger of a taxpayer if the officer has “reasons to believe” that the ITC was availed fraudulently.
There are currently 1.32 crore taxpayers registered under GST.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Markets decline in early trade amid foreign fund outflows; all eyes on US Fed interest rate decision
MRPL commissions bitumen production unit using cutting-edge technology
DGCA issues show cause notice to Akasa Air on violation related to operations manual
Investors’ wealth down Rs 4.92 lakh crore as markets slump
Only 6.68% of population filed income tax return in 2023-24 fiscal
MUST WATCH
Latest Additions
Kerala police rescues doctor from online fraud related ‘virtual arrest’
Amit Shah’s remarks on Ambedkar, extension of long-standing RSS ideology: Siddaramaiah
Cricket world pays tribute to all-time great Ashwin after his retirement
Derek O’Brien files privilege notice against Amit Shah over Ambedkar remarks
Bengaluru: Shiva Rajkumar all set to travel to US for surgery
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.