[Opinion] Avail One-time Opportunity to claim the missed out Transitional Credit in GST
- Blog|GST & Customs|News|
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- 2 Min Read
- By Taxmann
- Last Updated on 26 November, 2022
GST Law contains detailed provisions to carry forward the input tax credit earned by the GST Registered Persons [“Registered Person“] before 1st of July, 2017. Such credit [left out credit] was to be carried forward/claimed in GST Forms Tran-1 and Tran-2 [T1 and T2] to be filed on GST portal ‘before 27.12.2017’. For the GST Registered Persons who could not carry forward/claim left out credit or who could not correctly carry forward/claim left out credits have been granted a one-time opportunity under the orders of honorable Supreme Court of India.
“In accordance with the above referred directions of Hon’ble Supreme Court, vide order dated 22.07.2022 in the matter of Union of India vs. Filco Trade Centre Pvt. Ltd. , SLP(C) No. 32709-32710/2018 read with their order in in Miscellaneous Application No.1545-1546/2022 in SLP(C) No. 32709-32710/2018 the facility for filing TRAN-1/ TRAN-2 or revising the earlier filed TRAN-1/TRAN-2 on the common portal by an aggrieved registered assessee will be made available by GSTN during the period from 01.10.2022 to 30.11.2022.”
”Registered Persons’ might not have carried forward/claimed ‘left out credit/’correct left out credit before 27.12.2017. Now they may claim left out credit which is a one-time opportunity and should not be missed; otherwise it will have financial impact. Once ”Registered Persons’ files T1/T2 or revises the T1/T2 filed earlier on the common portal, no further opportunity to again file or revise T1/T2, subsequently, will be available to them.
Guidelines for Registered Persons for filing TRAN-1/TRAN-2 or revising earlier filed TRAN-1/TRAN-2
1. There may be a situation that Registered Persons did not file declaration in FORM GST TRAN-1/TRAN-2 [T1/T2], now they may file T1/ T2.
2. There may also be a situation that they had earlier filed TRAN-1/TRAN-2, but due to any left out credit in those forms, there is a need to revise earlier filed TRAN-1/TRAN-2. In such a case ”Registered Person’ will be able to download previously filed T1/T2 from the GST Portal, facility to revise T1/T2 is made available by GST portal.
3. GST portal is presently open for filling new T1/T2 and revising old T1/T2 w.e.f. 01.10.2022 and will remain open up to 30.11.2022.
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