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CBEC to verify GST transitional credit claims of 50,000 taxpayers

Goods and Services Tax - GST - Dated:- 19-3-2018 - New Delhi, Mar 19 (PTI) - In order to check frivolous and fraudulent tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional .....

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n 2018-19. As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-Goods and Services Tax regime. In order to chec .....

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er the GST only to claim transitional credit benefits, the source added. In the first phase, the tax officers will verify transitional credit claims where the growth is more than 25 per cent or the credit availed is in excess of ₹ 25 lakh. This .....

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mber, October-December and January-March (2019). Taxpayers who have claimed transitional tax credit of more than ₹ 25 lakh and have reported 25 per cent increase in such claims are also likely to be asked to submit a detailed statement of purch .....

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ch there was no bona-fide explanation , the revenue department had asked taxpayers to revise their claim forms by December 27, 2017, or face enforcement action. Worried over huge claims, the CBEC conducted a preliminary scrutiny following which it ha .....

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ready available with the department without contacting the taxpayer. It further said wherever contact with taxpayers is absolutely essential, it should be done with due caution. Summon should be issued only where the taxpayer is not sharing informati .....

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