Taxpayers can revise TRANS 1 Form till October 31
Ministry of Finance on Friday said that the mistakes made while filing TRANS 1 Form of admissible credit can now be corrected by taxpayers.
The Ministry in a release said that GST Council has decided to provide a facility for assessees to revise their TRANS 1 form.
The facility will be available by middle of October 2017 and assessees are requested to revise their TRANS 1 form before October 31, 2017, so that they themselves can remove the error.
Further, giving clarification on credit claimed by taxpayers, the Ministry said Rs 95,000 crore has been received in the month of August for GST. This amount is actually paid in cash other than availing credit.
Ministry said that there were a lot of speculations in the media about the credit of Rs 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period.
Clarifing to it, Ministry said, "Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted. Firstly, Rs. 65,000 crore is the credit claimed by the taxpayers in the TRANS 1 form as their balance of credit. It does not mean that they would have used all of this credit for payment of their output tax liability for the month of July 2017."
However, these numbers is not high as Rs.1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 as per department’s record.