Taxpayers listen up! Revise erroneous credit claims under GST by Dec 27

The ministry said that some of these high transitional credits may have a bona fide explanation or may be a case of bona fide mistake.

The finance ministry has warned taxpayers to amend any inflated input tax credit claimed in lieu of taxes paid prior to roll out of goods and services tax (GST), failing which it will initiate audit and enforcement action. 

It has been noted that some taxpayers have availed of extraordinarily high transitional credit of CGST which is neither commensurate with the trend of input tax credit of the industry nor as maintained by the taxpayer himself in the past, it said in a statement.The ministry said that some of these high transitional credits may have a bona fide explanation or may