Businesses will be able to claim pre-GST tax credits beginning October 1

Businesses that were unable to claim tax credits for taxes paid before the implementation of the goods and services tax (GST) may soon be able to do so. According to Mint, the government would likely offer a special window for firms to make claims beginning October 1.

The credits are likely to be worth Rs 400 crore, according to the article. “According to the information we have, the sum is expected to be approximately Rs 400 crore. We are awaiting the opening of the window so that individuals may begin making claims “According to a source familiar with the situation, Mint.

When the new GST system was implemented in 2017, numerous firms were unable to make tax claims due to a lack of clarity on the regulations. According to reports, the firms also had technological difficulties. These have now been rectified, according to Mint.

The time for claiming the credits opens on October 1 and closes on December 1. The Supreme Court (SC) had previously instructed the government to open the window on September 1, but it provided an additional four weeks to prepare the IT systems to avoid technological difficulties.

It also instructed the government to keep in mind the high court rulings on transitional GST credit. According to experts, the GSTN will receive tax credit requests, and the legitimacy of the credit will be determined in court.

On the GST portal, taxpayers can either register new claims or update their previous forms. They will also be expected to produce self-certified copies of the paperwork within seven days after making the claim online.

On September 9, the Central Board of Indirect Taxes and Customs (CBIC) released guidelines to officials clarifying the method and timetable for credit claims.

Leave a Reply

Your email address will not be published. Required fields are marked *