GST Network on Friday said businesses can now make changes to the forms uploaded to the portal to claim transition credit.
"The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017," GSTN said in a statement.
Form TRAN-1 declaration is to be filed by persons registered under GST law who wish to claim credit for taxes paid under the pre-GST regime.
The government in September allowed for one-time revision of TRAN-1.
The facility to revise TRAN-1 declaration has been enabled for taxpayers who had already filed it, said GSTN, the company which developed the IT backbone for the new indirect tax regime.
Revision can be either an increase or decrease of credit in comparison to the original credit.
If the revision is to reduce the credit claimed previously then the taxpayer will be able to file only if he has sufficient balance in his credit ledger," GSTN said.
"The facility to revise Form GST TRAN-1 declaration has been introduced on the GST Portal for taxpayers who had already filed it prior to November 9, 2017," GSTN said in a statement.
Form TRAN-1 declaration is to be filed by persons registered under GST law who wish to claim credit for taxes paid under the pre-GST regime.
Also Read
The functionality to fill the claim form was provided on the GSTN portal in August 2017.
The government in September allowed for one-time revision of TRAN-1.
The facility to revise TRAN-1 declaration has been enabled for taxpayers who had already filed it, said GSTN, the company which developed the IT backbone for the new indirect tax regime.
Revision can be either an increase or decrease of credit in comparison to the original credit.
If the revision is to reduce the credit claimed previously then the taxpayer will be able to file only if he has sufficient balance in his credit ledger," GSTN said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%