Govt might allow revised returns for input credit for pre-GST stocks

In a respite for companies with big claims of input tax credit for pre-goods and services tax (GST) stocks, the government is likely to allow rectifications of returns filed. The revenue department is consulting the law committee on the matter.

Although companies have been given 90 days to file the TRAN 1 form to claim input tax credit for stocks bought before July 1, the last date for filing it was August 28.

Unavailability of the form offline made it difficult for companies to punch in details manually, increasing the chances of under reporting or incorrect filing. No provision for