The Government has set a new deadline for claiming credit on transitional stock. Now businesses have time till 30 November to file their claims.
The official twitter handle of the Government, GST@GOI tweeted,“Form GST TRAN-1 (with revision facility) extended to 30 November 2017.”
Businesses who wish to claim credit for taxes paid before GST was implemented on July 1 earlier this year, need to file TRAN-1.
“The extension would aid in subsiding the anxiety among various industry players, caused on account of revision option of TRAN-1 not being available on the portal even 4 days prior to the due date,” EY India tax partner Abhishek Jain said.
Earlier in the 21st GST Council meeting held in Hyderabad, the original deadline had been extended till 31st October from September end. Plus, businesses were given the facility of revising their form once after submission in case if any discrepancy has occurred.
Taxpayers have claimed nearly Rs. 65,000 crore out of Rs. 95,000 crore tax collected as transitional credit in July. The Central Board of Excise and Customs (CBEC) ordered an enquiry of all claims above Rs. 1 crore following this revelation.