Input Tax Credit
Verification of Transitioned Credit – Snapshots
CBEC has issued a detailed circular no. D.O.F. No. 267/8/2018-CX.8 on Verification of Transitioned Credit to GST through Form TRAN-1. Key aspects are stated below: Credit verification to be remain the primary focus area during Fy 18-19. Credit verification to take place by CGST authorities even if the jurisdiction is with state Credit of KKC/SBC/E cess is not eligible Each line wise data in Tran-1 to be verified in detail Supporting documents and other info to be sought from assessee Credit taken in excess of INR 25 Lakhs is being verified List of 50000 assessee is being targeted for initial verification
24/05/2019
