Clarification about Transition Credit - 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of 65,000 crore is not unexpected

Clarification about Transition Credit - 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of 65,000 crore is not unexpected https://www.taxtmi.com/news?id=18821 Taxpayers reported pre GST Central Excise and Service Tax credits in TRANS 1, but claimed balances are not equivalent to immediate use for output tax; departmental records showed a larger closing balance and some credits may be inadmissible or under litigation, prompting examination of TRANS 1 claims. A revision facility for TRANS 1 will be provided in mid October and taxpayers are requested to revise entries by the stated deadline to correct errors and remove inadmissible claims before utilisation under GST. en-us Fri, 22 Sep 2017 16:45:07 +0530 Fri, 22 Sep 2017 22:31:00 +0530 TaxTMI RSS Generator Clarification about Transition Credit - 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of 65,000 crore is not unexpected https://www.taxtmi.com/news?id=18821 Taxpayers reported pre GST Central Excise and Service Tax credits in TRANS 1, but claimed balances are not equivalent to immediate use for output tax; departmental records showed a larger closing balance and some credits may be inadmissible or under litigation, prompting examination of TRANS 1 claims. A revision facility for TRANS 1 will be provided in mid October and taxpayers are requested to revise entries by the stated deadline to correct errors and remove inadmissible claims before utilisation under GST. News - Fri, 22 Sep 2017 16:45:07 +0530 https://www.taxtmi.com/news?id=18821