For tax payers who have already filed GST TRAN-1 with defects can cure it now since the Central Government has enabled the revision option in the web portal.
Any business having a closing stock -whether registered or not before GST, will be entitled to claim credit of tax paid under pre-GST regime. This claim of ITC is subject to conditions specified in the Act. TRAN 1 must be filed by the registered persons under GST. However, those registering under GST as composition dealer cannot file such returns.
However, it was clarified that the tax payers should have sufficient balance in his credit ledger if the revision results in download credit, a statement appeared in the official website of the Central Board of Excise and Customs (CBEC) said.
“Facility to revise Form GST TRAN-1 has been enabled for Taxpayers who had already filed it. If revision is resulting in downward credit, Taxpayer should be able to file only if he has sufficient balance in his credit ledger. Taxpayers who are filing it for the first time will not be able to revise it immediately. Functionality to revise the TRAN-1 for those who do not fulfill the above criteria shall be enabled shortly,” it said.
