In a bid to give relief to the GST (Goods And Services Tax) payers, the GST Tech has rolled out the facility to edit the Tran 1 form. It is noteworthy to mention that the Tran 1 form is meant to be filled for claiming the tax credits for the excise or VAT paid before July 1 (rollout of GST). Now you have the provision to edit the form (filled already) so as to claim higher credits for tax paid earlier, especially in the cases when the actual tax paid by you was more or less than you had claimed in the Tran 1 form filled earlier.
The facility of editing the form has been enabled for those taxpayers also who filed their returns after 8 November 2017. Through a tweet, the GST Tech explains that the taxpayers can file revised form GST Tran 1 even if it results in the downward credit. In such cases, the difference will be added to their liability.
The provision of GST Tran 1 was introduced to avail the credit for the taxes filed before the rollout of GST in July this year. For more details, one can visit www.gst.gov.in.
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