Categories: GST Filling

SC: Allowed GST taxpayers to claim transitional tax credit

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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Tags: ITC
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Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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