Taxpayers who have claimed transitional credit erroneously are advised to revise Form TRAN-1: CBEC

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The Central Board of Excise and Customs vide Press Release dated December 12, 2017 has advised existing taxpayers, who have availed extraordinarily high transitional credit of CGST which is neither commensurate with the trend of input tax credit of the industry nor as maintained by the taxpayer himself in the past, to revise Form TRAN-1 by 27th December, 2017 and ensure that only correct and bonafide credit is availed in transition, failing which the tax administration would be constrained to initiate audit and enforcement action against them.

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