Govt. urges taxpayers to avail Form TRAN-1 revision opportunity to ensure bonafide credit claims

Govt. urges taxpayers who have claimed transitional credit erroneously to avail the opportunity of revising Form TRAN-1 by December 27 to ensure correct & bona fide credit availment; States that failure to do so would constrain tax administration to initiate audit and enforcement action against identified units; Noting that some taxpayers have availed “extraordinarily high” transitional credit of CGST which is neither commensurate with trend of input tax credit of ind...