ITC worth Rs. 6.14 Lakh Cr blocked in GST showed while replying to RTI is incorrect: GSTN

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Team Studycafe | Oct 13, 2021 | Views 102993

ITC worth Rs. 6.14 Lakh Cr blocked in GST showed while replying to RTI is incorrect: GSTN

ITC worth Rs. 6.14 Lakh Cr blocked in GST showed while replying to RTI is incorrect: GSTN

The Goods and Service Tax Networks (GSTN) recently stated that the Input Tax Credit (ITC) worth Rs. 6.14 lakh crore that was disallowed in GST while responding to an RTI request was wrong.

Click here to Download the RTI for information on blocked ITC

In response to an RTI request, the GSTN has stated that the total amount of Input Tax Credit disallowed from all such taxpayers is Rs. 6,14,010.81 crore. The amount of Input Tax Credit pertaining to Rules periods more than one year from the date of ertains to blocking of such input tax credit blocked under rule 86A of the CGST Rules, 2017 is Rs 296311.45 Cr.

“A figure of Rs. 6.14 lakh crore of ITC blocked under GST is being disseminated on social media based on an RTI response. The GSTN stated, “The figure on verification has been discovered to be wrong because it comprises erroneous data entries submitted by taxpayers.”

The GSTN further stated that an ITC worth about Rs. 14,000 crores involving 66,000 taxpayers is currently blocked. This represents only about 0.38 percent (about) of the average ITC claimed by all taxpayers in a given fiscal year.

 

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