New Delhi, Jan. 23 -- The Central government has issued internal instructions to block Input Tax Credit (ITC) on GSTN portal in all cases where there are ongoing investigations or if there is a mere allegation against a taxpayer of credits taken on the basis of bogus bills.
Input Tax Credit (ITC) means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount.
''All the Zonal Chief Commissioners have the facility to block/unblock ITC availed in a situation covered under Rule 86A (1) (a) of the CGST Rules, 2017 i.e. against fake invoices or against invoices without receipt of goods or services or both, if such availers of credit are located in their jurisdiction,'' Directorate ...