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GSTN Announces That Businesses Can Revise GST Transition Claim Form
Swarajya Staff
Nov 10, 2017, 02:08 PM | Updated 02:08 PM IST
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GST Network today (10 November) said that businesses can now make changes to the forms uploaded on the portal to claim transition credit.
"The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to 9 November, 2017," GSTN said in a statement.
Form TRAN-1 declaration is to be filed by persons registered under the Goods and Services Tax Act (GST Act) who wish to claim credit fortaxes paid under pre-GST regime. The functionality to fill the claim form was provided on the GSTN portal in August 2017. The government in September allowed for singular revisions of TRAN-1.
The facility to revise TRAN-1 declaration has been enabled for taxpayers who had already filed it, said GSTN, the body which developed the IT backbone for the new indirect tax regime.
Revision can be either an increase or decrease of credit in comparison to the original credit.
If the revision is to reduce the credit claimed previously then the taxpayer will be able to file only if he has sufficient balance in his credit ledger," GSTN said. PTI
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