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GST - TRANS-01 - Rs 65000 Credit availed; CBEC asks for verification

 By TIOL News Service 

NEW DELHI, SEPT 15, 2017: AS per the CBEC communication sent to all field formations, the industry has claimed Rs 65000 Crore as CGST transitional credit. As per the GST law, the carry forward of transitional credit is allowed only if such credit is permitted under the new regime. The provisions of Sec 17(5) of the CGST Act clearly exclude certain credits.

In this backdrop, the CBEC fears that either due to confusion or by mistake a good number of assessees may have availed excess credit. Although the GST Council has permitted one-time revision of TRANS-01 so that assessees could correct their data but the Board has taken a decision to verify all such cases where credit of more than Rs one crore has been availed.

To ensure speedy verification, the Board has asked for two-fold action:

++ Match the credit claimed with closing balance in returns filed under the earlier laws.

++ Check the eligibility of credit under GST regime.

The entire exercise is to be wrapped up and a report is to be sent to the Board by September 20, 2017.


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