Businesses will be able to claim pre-GST tax credits from October 1: report

Businesses that could not claim tax credits for taxes paid before the era of the Goods and Services Tax (GST) may soon have the opportunity. The government, from October 1, will likely open a special window for companies to file claims, according to a report by mint.

According to the report, the credits are expected to be worth Rs 400 crore. “Based on the information we have, the estimated amount is around Rs 400 crore. We are waiting for the window to open for people to start filing claims,” a person with knowledge of the incident said. affair. mint.

When the new GST tax regime was introduced in 2017, several businesses were unable to file their tax claims due to a lack of clarity on the rules. The companies were also said to have faced technical problems. These are now resolved, mint declared.

Read also | GST collection rises 28% in August to 1.43 trillion rupees: Ministry of Finance

The window to claim the credits opens on October 1 and closes on December 1. The Supreme Court (SC) had previously asked the government to open the window on September 1 but it granted an additional four weeks to prepare the IT systems to avoid technical problems. .

He also ordered the government to bear in mind the judgments of the high courts regarding the transitional GST credit. Experts said the GSTN would accept claims for tax credits and the eligibility for the credit would be checked by the courts.

Taxpayers can either file new applications or revise their previous forms on the GST portal. Additionally, they will be required to submit self-certified copies of the forms within seven days of filing the complaint online.

On September 9, the Central Board of Excise and Customs (CBIC) issued guidelines to clarify the procedure and timing of credit applications, to officials.

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