Goods and Services Tax – GST – Dated:- 19-3-2018 – New Delhi, Mar 19 (PTI) – In order to check frivolous and fraudulent tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds ₹ 25 lakh. The verification of unreasonable transitional credit claims would be conducted in four phases, a source said, adding that credit verification will remain one of the focus areas in 2018-19. As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-Goods and Services Tax regime. In order to che
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ember, October-December and January-March (2019). Taxpayers who have claimed transitional tax credit of more than ₹ 25 lakh and have reported 25 per cent increase in such claims are also likely to be asked to submit a detailed statement of purchases during October 1, 2016, to June 30, 2017, the source said. According to revenue department data, as much as ₹ 65,000 crore of transitional input tax credit was claimed by businesses as on September 2017. Concerned over large claims for which there was no bona-fide explanation , the revenue department had asked taxpayers to revise their claim forms by December 27, 2017, or face enforcement action. Worried over huge claims, the CBEC conducted a preliminary scrutiny following which it h
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