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
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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
Oct 14
If the govt gives back the gst to the filers in the name of input tax credit, why have gst at all? more
Oct 13
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
Jan 26
It clearly shows lack of knowledge about GST . Pls first go thro the basics and then comment here. more
Jan 25
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
Oct 13
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
Oct 12
