The GST Network has been a source of great pain to more than 60,000 taxpayers. Instead, the ITC tax of 14,000 crore of 66,000 taxpayers registered under the GST was banned. This concept was adopted under Rule 86A of the GST Act.
GST Network has been the talk of the town for a long time. GSTN sent a statement, “About 14,000 crore ITC, which includes 66,000 taxpayers, has been maintained as of today. This is only 0.38% (approximately) of the average ITC used by all taxpayers during the financial year.
ITC of approximately Rs. 14,000 kilometers related to 66,000 taxpayers have been suspended so far. This is only 0.38% (Approx.) Of the intermediate ITC used by all taxpayers in the financial year. (2/2)
– GST Technology (@Infosys_GSTN) August 12, 2021
What happened: This is due to the mistakes made by tax collectors. GSTN provides the most important support for Employment and Employment Taxes. The government incorporated Rule 86A into the GST Act in December 2019. It has taken action against taxpayers under the Act.