SC : Permits companies to claim transitional tax credit:
- Supreme Court allows GST taxpayers to claim pre-GST ITC in a 60-day window timeline.
- AS per latest judgement of Supreme Court permitted all impacted taxpayers to claim cumulative input tax credits (ITC) accrued in the pre-GST indirect tax regime in 60 days ending October 30 in a major ruling on Friday. This judgement might release hundreds of crores of rupees in ITC.
- According to the Supreme Court, the GST Network portal would demonstrate the chance for all assesses to claim transitional credit from September 1 through October 30, when the batch of 400 appeals is resolved.
- Any of these assessors, which analysts estimated to No in the thousands can claim for the benefit whether or not they have filed a Writ petition.
- Supreme Court ordered that the government make it easier to file Tran 1 and Tran 2 forms. When the GST was adopted, the forms were made available so that taxpayers may transfer their pre-GST credits to the GST system.
- Supreme Court ruled that in order for taxpayers to claim the transitional credit, the GST Network site had to be accessible to them between September 1 and October 31. Tax officials have 90 days to verify the claims’ validity and meet with the taxpayers.
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