Last date for filing Form TRAN-1 to avail ITC is 27-12-2017. Incorrect claims to attract audit and enforcement action

Last date for filing Form TRAN-1 to avail ITC is 27-12-2017. Incorrect claims to attract audit and enforcement action against identified units-CBEC Advisory

Attention: Taxpayers

Last date for filing Form TRAN-1 to avail Input Tax Credit is 27th December, 2017

Don’t wait for the last date, file now

• Section 140 of the CGST/SGST provides for transition of Input Tax Credit of the existing taxpayers.

• A Taxpayer can file Form TRAN-1 and avail Input Tax Credit (ITC) on the basis of closing balance of Input Tax Credit declared in last return under the Pre-GST regime.

• GST Law provides for one opportunity of revising 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 identified units.