The government on Thursday extended the deadline by a month till November 30 for businesses to claim credit of transitional stock in the Goods and Services Tax (GST) regime. “Form GST TRAN-1 (with revision facility) extended to November 30, 2017,” said a tweet by GST@GOI, the official twitter handle of the government for GST.
TRAN-1 is to be filed by those businesses that are keen to claim credit for taxes paid before the launch of GST on July 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.
The GST Council, in its 21st meeting in Hyderabad, had decided to extend the deadline for filing TRAN-1 form to October 31, from September-end earlier. It also allowed businesses to revise the form once in the case of any discrepancy.
As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July — the first month of GST –have been claimed as transitional credit by taxpayers. Following this, the Central Board of Excise and Customs (CBEC) had ordered a scrutiny of all such claims above Rs 1 crore.