The government on Wednesday warned that the taxpayers under GST would face audit and enforcement action against them if transitional credit claimed in TRAN-1 turn out to be incorrect with malafide intention. The taxpayers can revise their credit claims till December 27 in the same form, the government said. Transitional credit is a form of ITC, which is available to assessees in lieu of pre-GST taxes paid on the stock that was carried over for transaction in the GST regime. “Transition to GST provided for trust-based transition of input tax credit of the existing taxpayers. A taxpayer could 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,” the government said.
Errant taxpayers may face audit – The Financial Express–13.12.2017
The taxpayers can revise their credit claims till December 27 in the same form, the government said.
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