The Goods and Service Tax Networks (GSTN) has recently tweeted that the Input Tax Credit (ITC) worth Rs. 6.14 Lakh Crore blocked in GST showed while replying to RTI is incorrect.
Recently, the GSTN while replying to the RTI application said that the amount of Input Tax Credit blocked from all such taxpayers is Rs. 6,14,010.81 Cr. The amount of Input Tax Credit pertaining to Rules period exceeding 1 year from the date of ertains to blocking of such input tax credit blocked under date of rule 86A of CGST Rules, 2017 is Rs 296311.45 Cr.
“In social media, a figure of Rs. 6.14 Lakh Crore of ITC blocked in GST is being circulated based on a RTI reply. The figure on verification has been found to be incorrect as it includes erroneous data entries made by the taxpayers,” the GSTN tweeted.
The GSTN further added that the ITC of approximately Rs. 14,000 crores involving 66,000 taxpayers stands blocked as on date. This is only 0.38% (Approx.) of average ITC utilized by all taxpayers in a financial year.