Clarification about Transition Credit – 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 – claim of credit of 65,000 crore is not unexpected
GST
Dated:- 22-9-2017
There are lot of speculations in the media about the credit of ₹ 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of ₹ 65,000 crore claimed as transition credit, the income of Government this month has plummeted.
Firstly, ₹ 65,000 crore is the credit claimed by the taxpayers in the TRANS 1 form as their balance of credit. It does not mean that they would have used all of this credit for
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T Act or which are not covered under the definition of GST. Also, some of the credits, which are claimed in TRANS 1 form may be under litigation and, therefore, it may not be available to the assesse to carry forward or utilisation. It is from this angle that CBEC is examining the transition credits, which are claimed by the assessees in TRANS I form in certain cases.
It is possible that some assessees would have committed mistake in filing TRANS 1 form of admissible credit. It has, therefore, been decided to provide facility for revision of TRANS 1 by the GST Council. This facility would be available by middle of October 2017 and assessees are requested to revise their TRANS 1 form before 31st October, 2017, so that they themselves can re
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