CBIC blocked ITC Worth Rs. 40,000 Crore: CBIC Chief
In a recent story CBIC Chief told that CBIC blocked ITC of Rs. 40,000 crores. ITC credit of around 2000 companies is blocked. It is due to a mismatch in GST returns and auto-populated credit. Massive credit blocking excercise is confirmed by CBIC chief John Joseph.
Fake credits are curbed due to this blockage. Also, authorities are advised to look for the suppliers not uploading invoices. All this exercise is to curb the leakage.
Recently ITC rules were changed to restrict it only upto 10% of populated ITC as self-claimed. The total ITC that can be taken is 110% of populated ITC.
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