“That is best 0.38 according to cent (roughly) of moderate ITC utilised through all taxpayers in a monetary yr,” GSTN mentioned.
The Items and Provider Tax Community (GSTN) on Tuesday mentioned it has blocked ₹14,000 crore value of enter tax credit score (ITC) of 66,000 companies registered beneath the GST.
Responding to social media posts in accordance with an RTI answer in regards to the ₹6.14 lakh crore of ITC blocked beneath Rule 86A of the GST regulations, the GSTN tweeted that the determine comprises faulty knowledge entries made through the taxpayers.
“ITC of roughly Rs 14,000 crore involving 66,000 taxpayers stands blocked as on date. That is best 0.38 according to cent (roughly) of moderate ITC utilised through all taxpayers in a monetary yr,” tweeted GSTN, the corporate that handles the generation spine for items and products and services tax.
The federal government had offered Rule 86A in GST regulations in December 2019 to provide powers to taxmen to dam the ITC to be had within the digital credit score ledger of a taxpayer, if the officer has “causes to consider” that the ITC was once availed fraudulently.
There are recently 1.32 crore taxpayers registered beneath the GST.