The Central Board of Excise and Customs (CBEC) on Friday notified that GST TRANS-1, i.e., the returns for transitional credit can be revised for once.
TRANS-1 is the form that businesses had to file to claim transitional credit under GST.
Earlier, both the Government and the GST Council had been puzzled by the input tax credit claims of over Rs.65,000 crore for Central Goods and Services Tax (CGST) for July.
Following this, the Central Board of Excise and Customs (CBEC) has asked the officials to verify such claims thoroughly.
In a circular issued to its officials, the Board expressed that “The credit specifically excluded under section 17(5) of the CGST Act is not eligible to be carried forward. The possibility of claiming ineligible credit due to mistake or confusion cannot be ruled out,”
The Board also directed its field formations to check that only eligible credit has been carried forward.
Read the full text of the Notification below.
