Home News

GST – Forms for claiming previous tax credit available from 21st August, says Govt. Official

SHARE

The portals that deal with GST tax would offer from Saturday some forms which would help people make claims on sales credit that has been made before the commencement of GST era. A government official said that the taxpayers who want the benefit of this form would have to go forward and file it before 28th August.

The government has offered an extra week to the taxpayers for return filing because the return form did not include a column for input credit claim. The taxpayers are required to pay the tax by 20th August on the GST Network portal.

By now everyone knows that GSTR-3B needs to be filled out for GST. However, many might yet to be familiar with TRAN 1 which the business owners would have to fill out to offer details of the credit. A revenue official said that the transitional form is about to be uploaded so that the businesses can go forward to fill out TRAN 1.

In a meeting which had been held on Thursday, it has been said that TRAN 1 form would be made available from 21st August on GSTN website. The ministry has allowed the business owners to pay tax based on self-assessment, this is a way to offer respite and time to get used to the new tax system. However, the businesses are required to file the GST return by 28th August.

More than 71 lakh VAT, and excise payers have registered under GSTN portal. Additionally, 15 lakh more new registrations have taken place in the portal. To make the task easy, the GST council has allowed the business owners to file the initial return based on the self-evaluation.

SHARE
A pure vegetarian, who believes in reincarnation & law of karma and follows the philosophy of “Live and let others Live” because all living beings have equal right on the resources of this planet. Being from a finance background, he loves to write about business aspects of the trends.

Leave a Reply