Last date for revision of TRAN-I set at 27th December, Finance Ministry notifies

New Delhi, Dec 13 (KNN) With regard to the filing of the TRAN-I form under the Goods and Services tax to avail input tax credit, the Ministry of Finance notified about the last date of 27th December.

The Ministry in a release informed that a taxpayer can file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime.

The release from the Ministry further said that the last date for filing of Form TRAN-1 is 27th December, 2017.

In keeping with the philosophy of voluntary compliance, revision of Form TRAN-1 has also been provided. The last date for revision of TRAN-1 is also 27th December, 2017.

Citing cases, the tax office said that It has been noted that some taxpayers have availed extraordinarily high transitional credit of CGST, such approach is not in the best interests of the taxpayers and the tax office, it said.

The government notified that the taxpayers who have claimed transitional credit erroneously are advised to avail of the opportunity to revise Form TRAN-1 by the set deadline of 27th December, 2017, failing which the tax administration would be constrained to initiate audit and enforcement action against the identified units. (With PIB Input) (KNN/DA)