Govt Enables Option to Revise Form for Transition Credit

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TRAN-1 Revision
                                                                                                    TRAN-1 Revision
Many tax payers who made mistakes in GST TRAN-1 . now the can rectify the mistakes ,I line to fulfil the market requirement now  Government of India has enabled the revision option on the common portal. If any taxpayer have a closing stock -whether registered or not before GST, is eligible to claim Input Tax Credit of tax paid under pre-GST regime. This claim of ITC is dependst to conditions specified in the GST Act. Filling the FORM TRAN 1 mandatory to the registered persons under GST regime , exept  the taxpayers registered under GST as composition dealer



.authorities has clarified that the tax payers should have sufficient balance in his credit ledger if the revision results in download credit, Central Board of Excise and Customs (CBEC) issued a statement on official website of the said. “Facility to revise Form GST TRAN-1 has been enabled for Taxpayers who had already filed it. If revision is resulting in downward credit, Taxpayer should be able to file only if he has sufficient balance in his credit ledger. Taxpayers who are filing it for the first time will not be able to revise it immediately. Functionality to revise the TRAN-1 for those who do not fulfill the above criteria shall be enabled shortly,” 

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