Businesses may claim credit of transition stock till 30th November, GST council announces extension

New Delhi, Oct 28 (KNN) The Goods and Services Tax (GST) council on Thursday announced extension of the deadline by a month for businesses to claim credit of transitional stock under the new tax regime.

The new announced deadline is 30th November, GST council informed.

The GST council’s official Twitter handle informed about the extension in a tweet.

“Form GST TRAN-1 (with revision facility) extended to 30 November 2017,” GST council tweeted.

This extension of the deadline is expected to facilitate relief among the taxpayers under the One Nation One Tax regime of the government. The TRAN-1 is to be filed by those businesses that are keen to claim credit for taxes paid before the launch of GST on 1 July.

The Goods and Services Tax Council in the previous meeting held in Hyderabad decided on extending the deadline for filing TRAN-1 form to 31 October, from September-end earlier.

The meeting also announced permission to businesses to revise the form once in the case of any discrepancy. (KNN/DA)

source:http://knnindia.co.in/news/newsdetails/economy/businesses-may-claim-credit-of-transition-stock-till-30th-november-gst-council-announces-extension

Related Posts