Eye Share: Transitional Credit – One Last Opportunity to Avail!

Transitioning of credit has become a bone of contention between assessees and departments which necessitated intervention of the judiciary to strike a balance between contrary claims on both sides. Amendment to Section 140 of the GST Act was made by way of Section 128 of the Finance Act, 2020 on May 18, 2019 to empower the Government to prescribe a time-limit for filing Tran-1 form/ carrying forward credit from existing laws.The authors, Mr. Yogendra Alak (Joint Partner,...