homeeconomy NewsGST credits of over 2,000 firms worth Rs 40,000 crore blocked for mismatch in filings, returns
GST credits of over 2,000 firms worth Rs 40,000 crore blocked for mismatch in filings, returns
The Central Board of Indirect Taxes and Customs (CBIC) blocked goods and services (GST) credits of more than 2000 companies so far because of mismatch in filings and returns.
The Central Board of Indirect Taxes and Customs (CBIC) on Monday blocked goods and services tax (GST) credits worth Rs 40,000 crore of more than 2,000 companies so far because of mismatch in filings and returns.
CBIC chairman John Joseph said it has blocked credits in accordance with a recent directive. Joseph was speaking at the International Customs Day event in New Delhi.
The move will help government curb fake credit claims, people aware of the development told CNBC-TV18.
There have been instances where the supplier has not uploaded invoices and the buyers were claiming an input credit (ITC). The GST Council had earlier told the government they should go after the suppliers who were not uploading their actual invoices, leading to a mismatch.
First Published: Jan 27, 2020 6:26 PM IST
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