Login / Signup Show Tiles Close

Naina Mittal

Over 6 lakh crore of ITC blocked

Rs6.14 lakh crore as input tax credit (ITC) remains blocked under Rule 86A by the tax authorities without any due process being followed. Attached is data by state. Can LocalCircles take up this issue please. Out of 6.14 lakh crore blocked in ITC almost 5.5 lakh crore in UP. This means state revenues are overstated ? more  

via_LocalCircles_12112146-8884-4774-B5F9-50B431C8CE24___20211012094034___.jpeg
Viewed by 462
C.S. Narayanan
I filed my taxes in June. I still have not received my refund. Has anyone got a refund.When I tried to track and enter my acknowledgment number with appropriate Assessment year, it says no such acknowledgment number. Anyone experienced this. The new IT site has a lot of problems. The public pays and public suffers. Si, what is new?? more  
Padmanabhan G
If the govt gives back the gst to the filers in the name of input tax credit, why have gst at all? more  
Tiru Narayan
Sri. Jayant L Aasher, doesn't matter if one is fully knowledgeable or not about GST. Sri. Padmanabhan is entitled to his opinion. And it is a good idea for the powers-that-be to take cognizant of his ideas. One can propose to change "basics" as you put it. more  
JAYANT L AASHER
It clearly shows lack of knowledge about GST . Pls first go thro the basics and then comment here. more  
Tiru Narayan
A very good question, Sri. Padmanabhan G. I am not familiar with that. My wild guess is that in certain circumstanced taxpayers/businesses (especially businesses) are provided with some relief. Someone more knowledgeable may comment. more  
Tiru Narayan
TAxguru.com put out an article about the government withholding the Input Tax Credit (ITxCr). As one may note in the above table, Uttar Pradesh has the bulk of ITxCr withheld, about 95%. Wonder why that is. In addition to being withheld, the government has indicated in response to a RTI letter, ITxCr that more than a year have expired/lapsed, meaning the government has gobbled them up. What is the reason for government to withhold ITxCr in the first place? If there is a credit to the taxpayers (TP), there should be no expiration irrespective of timeline/deadline for TP to submit a request. more  
Sultanali Lakdawalla
When the government is not honest how can it except its citizens to be honest. more  
Post a Comment

Related Posts

    • Small Business and cost of compliance

      My cousin’s friend runs a local bakery in Goa. He accepts only CASH. No UPI/CC/Debit Card-- nothing! Logic: if he accepts anything in 'white', he will pay around...

      By Sudesh Rai
      /
    • Does GST benefit rich

      Interesting how poor people and commoners pay GST on pretty much everything they buy from biscuits to namkeen, milk to grocery And rich buys iPhone, Luxury Cars, etc as Business Expenses...

      By Sudesh Rai
      /
    • Wrong public priorities

      Cut & polished diamonds are charged 1.5% GST. Flour & curd are charged 5% GST. Diamond walas can fund politics but aate dahi doodh walas can’t?? Plea...

      By Sudesh Rai
      /
    • Why is GST council losing it in a hurry

      The GST Council has recommended 5% GST on dairy items like pre- packed, pre-labeled curd, lassi and butter milk and increasing GST on dairy machinery and milking machines from 12% to 18%. This move...

      By Rohit Garg
      /
    • GST rates need rethink

      Bicycle will attract a GST rate of 12%, but diamonds will attract only 0.25%. At a time when people aren't able to afford petrol & the poor are forced to commute on cycles, the govt charges 12%...

      By Ruchika L Maheshwari
      /
    • Rainbow loan Customer care number 8158982100=9102124538

      Rainbow loan Customer care number 8158982100=9102124538 Rainbow loan Customer care number 8158982100=9102124538

      By Pathak Jeejjk
      /
    • GST evasion

      The Private tutors and coaching classes runners should be registered by the local authorities like Panchayats, municipalities and metros through simple forms with names, addresses of operators, the...

      By Darshan Sharma
      /
    • My builder is claiming for recovery of GST amount.

      Dear All, I live in an affordable housing society under PMAY in Gurgaon for the past two years. Maintenance is supposed to be free for five years. Builder has increased CAM charges twic...

      By Gloria Joseph
      /
    • Cluelessness abound

      The leaders of the Govt, the babus of the Govt are very clueless LocalCircles and we have not done enough to wake up these people. Read below: 5% GST on COVID vaccine. 28% GST...

      By Sudesh Rai
      /
    • Buying a suv in India is 50% giving tax

      What's the most taxed product in India? It's not cigarettes, a can of aerated beverage or a bottle of whisky or beer. It's an AUTOMOBILE. It attracts the highest GST rate of 28% & a cess o...

      By Sunita Varghese
      /
Share
WhatsApp
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

हिन्दी About Us Citizen Pulse News Trending Team Career Privacy Policy Sitemap Contact Us
© LocalCircles 2024 FB Link Twitter Link
All My Circles
Invite to
(Maximum 500 email ids allowed.)
Send