Deadline for claiming GST transition credit extended to Nov 30
Hyderabad, October 27: The deadline to claim the credit of transitional stock in the Goods and Services Tax (GST) has been extended by the government by a month. The people owning the business got the claiming deadline till November 30. The credit taxes which are paid before the launch of GST in July can be claimed by businesses and file TRAN-1.
In its 21st meeting held in Hyderabad, the GST council had decided to extend the deadline to 31st October for filing TRAN-1 form. In case of any discrepancy, it also allowed businesses to revise the form once.
The taxpayers claimed about 65,000 crore rupees out of the nearly 95,000 crores tax collections in July as transitional credit. The Central Board of Excise and Customs (CBEC) had asked for a critical observation of all such claims above 1 crore rupees.