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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