GST Network blocks Rs. 14,000 Cr input tax credits of 66,000 taxpayers
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The Goods and Service Tax Network (GSTN) on Tuesday said it has blocked ₹14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under the GST.
Responding to social media posts based on an RTI reply about the ₹6.14 lakh crore of ITC blocked under Rule 86A of the GST laws, the 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 on date. This is only 0.38 per cent (approximately) of average ITC utilised 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 to give 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.
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