GST input tax credit form to be available from August 21

The form for claiming transitional input tax credit will be available on the GSTN website from August 21, reported a leading business daily. The transitional credit is the carried forward input tax credit from the earlier central excise and service tax regime. Taxpayers who wish to claim the credit under the new goods and services […]

The form for claiming transitional input tax credit will be available on the GSTN website from August 21, reported a leading business daily.

The transitional credit is the carried forward input tax credit from the earlier central excise and service tax regime.

Taxpayers who wish to claim the credit under the new goods and services tax (GST) regime should calculate their tax liability and pay it by August 20. They will however, get additional time till August 28 to submit Form TRANS I and Form 3B with their GST return.

GSTR 3B is the form for filing GST return, TRANS I is the form in which the businesses will have to give the details of credit that they are claiming for payment of taxes before the rollout of GST.

Over 71.3 lakh excise, service tax, and VAT payers have migrated to the GSTN portal. Also, 15 lakh fresh registrations have been logged on the portal.

For an easy compliance, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout.

Source: indiainfoline