Last date for filing of Form TRAN -1 to avail Input Tax Credit is 27 December 2017. Don’t wait for the last date. File Now.
→ Section 140 of the CGST/SGST Act provides for transition of Input Tax Credit of the existing taxpayers.
→ 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.
→ GST law provides for one opportunity of revising Form TRAN-1, last date for which is also 27th December, 2017.
→ Taxpayers, who have claimed transitional credit erroneously, are advised to avail of the opportunity to revise Form TRAN-1 by 27th December, 2017.
→ Please ensure that only correct and bonafide credit is availed in transition.
→ In case of any default, tax administration would be constrained to initiate audit and enforcement action against the identified units.