https://www.taxtmi.com/news?id=19161 Transition provisions allow taxpayers to claim transitional input tax credit by filing and, if necessary, revising Form TRAN 1 based on closing balances from the pre GST regime. The regime is trust based and permits correction of bona fide errors within the prescribed window. Authorities have noted disproportionate transitional CGST credits in some cases and are analyzing such instances; taxpayers who claimed credit erroneously are urged to revise TRAN 1 to reflect only legitimate credit or risk audit and enforcement action. en-us Tue, 12 Dec 2017 16:13:29 +0530 Tue, 12 Dec 2017 16:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19161 Transition provisions allow taxpayers to claim transitional input tax credit by filing and, if necessary, revising Form TRAN 1 based on closing balances from the pre GST regime. The regime is trust based and permits correction of bona fide errors within the prescribed window. Authorities have noted disproportionate transitional CGST credits in some cases and are analyzing such instances; taxpayers who claimed credit erroneously are urged to revise TRAN 1 to reflect only legitimate credit or risk audit and enforcement action. News - Tue, 12 Dec 2017 16:13:29 +0530 https://www.taxtmi.com/news?id=19161