Now Rectify Gst Returns For Non-it Errors
Jan 17, 2019 By Admin
The GST Council has proposed a move in which Indian Companies can edit their claims to obtain tax credit in the existing framework. Billions of tax credit claimed by businesses has been denied because of some errors in the filing of returns, prompting many to approach judiciary. The move will be a reprieve for businesses that had lost credit due to minor, non-technical errors.
A Standard Operating Procedure will be developed to address the grievances by the Grievance Committee for the cases where writs were filed and court has directed to sort the case, the amount wrongly entered or the concerned jurisdictional commissioner has made a recommendation. The forms TRAN1 and TRAN2, specified for claiming past credits, can now be amended to allow for this.
The Goods & Services Tax(GST) Law framework did not provide for any appeal or way out on issues related to TRAN1 or TRAN2 and thus many taxpayers were forced to file writs in high court and also secured favorable orders holding the view that genuine errors should be considered by the tax authorities. It was quite a long route just to get your case listened by the tax authorities.
A number of taxpayers and businesses had lobbied the government and the GST Council to allow amendments in order to ease the existing law concerning the mistakes made while filing the return and thus easing the procedural lapses just for getting your case heard by the Tax authorities.
Published by : RAKESH KANWAR & CO.
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