Blocked Input Tax Credit (ITC) refers to the situation where a taxpayer is unable to claim credit for the taxes paid on inputs due to certain restrictions or non-compliance. Blocked ITC can occur when the supplier has not paid the tax collected to the government. ITC on certain goods or services like motor vehicles, food and beverages, etc., may be blocked under GST regulations. Non-compliance with GST rules or incorrect filing of returns can also lead to blocked ITC. Blocked ITC can impact the cash flow and profitability of a business. Regular reconciliation of input tax credit with GST returns is essential to avoid blocked ITC.

Hindusthan Urban Infrastructure Interview Questions: What are blocked ITC

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What are blocked ITC

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Blocked Input Tax Credit (ITC) refers to the situation where a taxpayer is unable to claim credit for the taxes paid on inputs due to certain restrictions or non-compliance.

Blocked ITC can occur when ...read more

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