{"id":33298,"date":"2018-10-30T11:43:58","date_gmt":"2018-10-30T06:13:58","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=33298"},"modified":"2018-10-30T11:43:58","modified_gmt":"2018-10-30T06:13:58","slug":"fix-gst-credit-claims-or-face-scrutiny","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/fix-gst-credit-claims-or-face-scrutiny\/","title":{"rendered":"\u2018Fix\u00a0GST\u00a0credit\u00a0claims\u00a0or\u00a0face\u00a0scrutiny\u2019:"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/fix-gst-credit-claims-or-face-scrutiny\/article21535640.ece\"><strong>\u2018Fix\u00a0GST\u00a0credit\u00a0claims\u00a0or\u00a0face\u00a0scrutiny\u2019<\/strong><\/a>:<\/p>\n<p><strong>Context<\/strong><\/p>\n<p>The Centre urged taxpayers to correct their TRAN-1 forms to avail transitional credit under GST by December 27, failing which the government would be forced to initiate audit proceedings in cases of high credit claims<\/p>\n<p><strong>What has finance ministry said?<\/strong><\/p>\n<ul>\n<li>Fin Ministry said that while t had received some claims for high transitional credit for which there were legitimate explanations, it had also noted that several claims were not authentic. This behaviour could erode the trust between tax authorities and the taxpayers<\/li>\n<\/ul>\n<p><strong>TRAN revision deadline<\/strong><\/p>\n<p>The ministry urged taxpayers who had claimed transitional credit erroneously to revise their TRAN-1 forms by December 27, 2017, and ensure that only correct and genuine credit was availed , \u201cfailing which the tax administration would be constrained to initiate audit and enforcement action against the identified units\u201d<\/p>\n<p><strong>TRAN-1 form<\/strong><\/p>\n<p>Under GST, a tax payer could file the TRAN-1 form and avail input tax credit on the basis of the closing balance of the input tax credit declared in the last return under the pre-GST regime. This was to be done on a self-declaration basis<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2018Fix\u00a0GST\u00a0credit\u00a0claims\u00a0or\u00a0face\u00a0scrutiny\u2019: Context The Centre urged taxpayers to correct their TRAN-1 forms to avail transitional credit under GST by December 27, failing which the government would be forced to initiate audit proceedings in cases of high credit claims What has finance ministry said? Fin Ministry said that while t had received some claims for high transitional&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/fix-gst-credit-claims-or-face-scrutiny\/\">Continue reading <span class=\"screen-reader-text\">\u2018Fix\u00a0GST\u00a0credit\u00a0claims\u00a0or\u00a0face\u00a0scrutiny\u2019:<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-33298","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1703971173},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/33298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=33298"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/33298\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=33298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=33298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=33298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}