CBEC to verify GST transitional credit claims of 50,000 taxpayers
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.
\nThe 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.
\nAs 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 <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n emaining claims of 50,000 taxpayers will be verified in each of the three phases July-September, October-December and January-March (2019). = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" CBEC to verify GST transitional credit claims of 50,000 taxpayers GSTDated:- 19-3-2018New 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 … Continue reading “CBEC to verify GST transitional credit claims of 50,000 taxpayers”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10992","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10992"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10992\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nTaxpayers 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.
\nAccording to revenue department data, as much as ₹ 65,000 crore of transitional input tax credit was claimed by businesses as on September 2017.
\nConcerned 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 enf<\/p>\n
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