GST Latest Updates – GSTTransitional Credit

Chairman, CBEC has issued letter for verification of GST transitional credit.

Important points in GST Transitional Credit:

Field formations have completed preliminary verification of GST Transitional credit. Further steps would now be taken to verify the correctness of the Transitional credit, in a more focused and rigorous manner.

List of top 50,000 GSTINs has been drawn for checking the order of transitional credit availed. Entry by entry data in Tran-1 would be verified by tax officers.GST Transitional Credit

Credit verification shall remain one of the focus areas in the year 2018-19.

Credit verification to take place by CGST authorities even if the jurisdiction is with the state

Credit of KKC/SBC/Education cess is not eligible under GST regime. Probably GST legislation would also be amended for the same.

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