Indian Tax Solution
NEW DELHI, AUGUST 17:
The Finance Ministry on Thursday said that the form for claiming transitional input tax credit will be available on the GSTN website from August 21. The transitional credit is the carried forward input tax credit from the earlier central excise and service tax regime.
Taxpayers who wish to claim the credit under the new goods and services tax regime should calculate their tax liability and pay it by August 20. They will however, get additional time till August 28 to submit Form TRANS I and Form 3B with their GST return.
"In case of shortfall in the amount already paid vis-a-vis the amount payable on submission of Form 3B, it will have to be paid with interest of 18 per cent for the period between August 21 till the time of payment of such differential amount.
Unexpectedly high transitional input tax credit claims of Rs 65,000 crore by businesses is now a huge headache for the Govt
With the deadline for filing Goods and Services Tax (GST) returns for August coming to an end in less than 48 hours, only 8 lakh taxpayers have filed their GSTR-3B- a short summary return, at the end of Monday, said sources famili ...