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Language , Updated: Aug 8, 2022, 6:12 PM
New Delhi, Aug 8 (PTI) The oblique tax division will have to whole the verification of ‘transitional credit score’ (pre-GST credit score) claims beneath the GST regime. The Comptroller and Auditor General (CAG) made this advice on Monday. Taxpayers have been allowed to report Form TRAN-1 beneath subsuming GST with impact from July 1, 2017 and avail tax credit score at the foundation of remaining stability of credit score declared within the ultimate go back beneath the pre-GST regime. In the Compliance Accounting Report tabled in Parliament on Monday, the CAG stated that within the audit assessment, taxpayers
Taxpayers have been allowed to report Form TRAN-1 beneath subsuming GST with impact from July 1, 2017 and avail tax credit score at the foundation of remaining stability of credit score declared within the ultimate go back beneath the pre-GST regime.
In the Compliance Accounting Report tabled in Parliament on Monday, the CAG stated the audit assessment printed vital irregularities within the transitional credit score claims of taxpayers.
The record stated the Central Board of Indirect Taxes and Customs (CBIC) had known the highest 50,000 circumstances in 2018-19 that claimed most transitional credit score for verification. However, this workout is but to be finished and the dept was once to ensure 8,849 circumstances at this time.
The CAG stated, “The cases of irregularities which were detected, had a low recovery rate. Various jurisdictional issues and lack of coordination among central tax jurisdictions in some areas created hurdles in initiating verification and recovery action.
The CAG also found significant discrepancies between the taxable value and the declared tax liability in the audit.
