CONSULTEASE.COM
Litigation Management Webinar

Sign In

Browse By

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.

CBIC blocked ITC

Stay informed...

Recieve the most important tips and updates

Absolutely Free! Unsubscribe anytime.

We adhere 100% to the no-spam policy.

Profile photo of CA Shafaly Girdharwal CA Shafaly Girdharwal

CA

New Delhi, India

CA Shaifaly Girdharwal is a GST consultant, Author, Trainer and a famous You tuber. She has taken many seminars on various topics of GST. She is Partner at Ashu Dalmia & Associates and heading the Indirect Tax department. She has authored a book on GST published by Taxmann.

Discuss Now
Opinions & information presented by ConsultEase Members are their own.