Thu, Mar 22, 2018
According to the sources, preliminary scrutiny indicated that several newly created LLPs and HUFs as well as proprietary firms have claimed transitional credit for which they were not eligible. The CBEC has already asked chief commissioners to scrutinise all transitional credit claims of over Rs 1 crore. As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under the pre-GST regime.
More >
By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
