New Delhi, August 28, 2017
A company with Rs 100-crore credit in lieu of taxes paid in the past regime, risks losing it now under the goods and services tax (GST) reign simply because of the 'fat finger,' as it is popularly called.
With the August 28 (Monday) deadline looming for filing returns and ensuring GST compliance, corporates are a deeply concerned lot. The offline utility for GST TRAN 1 form — to be used to claim input tax credit for the pre-GST regime — was not available till Sunday, leaving just a day for filing returns and causing a weekend rush.
In absence of the utility, details had to be filed online with higher chances of error. Tax practioners struggled to meet the deadline, having had to deploy additional manpower to manually key in invoices, some running into thousands.
What has compounded the industry's worry is that there is no clarity on whether TRAN 1 can be revised later for any inadvertent human error (or fat finger) due to manual entry or will it simply mean losing tax credit.
This has led to a clamour for another extension of the deadline or a provision allowing amending of the form later. The government had already extended the deadline once for those seeking to claim transitional credit from the past regime from August 20 to August 28, following industry representations.
[The Economic Times]