GST: Businesses can revise GST transition claim form now – The Economic Times–10.11.2017

GST Network on Friday said businesses can now make changes to the forms uploaded on the portal to claim transition credit.

“The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017,” GSTN said in a statement.

Form TRAN-1 declaration is to be filed by persons registered under GST law who wish to claim credit for taxes paid under pre-GST regime.

The functionality to fill the claim form was provided on the GSTN portal in August 2017. The government in September allowed for one-time revision of TRAN-1.

The facility to revise TRAN-1 declaration has been enabled for taxpayers who had already filed it, said GSTN, the company which developed the IT backbone for the new indirect tax regime.

Revision can be either an increase or decrease of credit in comparison to the original credit.

“If the revision is to reduce the credit claimed previously then the taxpayer will be able to file only if he has sufficient balance in his credit ledger,” GSTN said.

via GST: Businesses can revise GST transition claim form now – The Economic Times

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s