The Supreme Court has recently provided a big relief to taxpayers regarding the GST transitional credit. In a landmark ruling, the court has allowed taxpayers to claim the transitional credit under the GST regime. This decision has come as a big relief to taxpayers who were struggling to claim the transitional credit due to the lack of clarity on the issue.
The transitional credit is the credit that taxpayers can claim for the input tax paid under the previous tax regime, such as VAT, excise duty, and service tax. Under the GST regime, taxpayers can claim the transitional credit by filing the TRAN-1 form.
One of the major issues was the non-availability of the GST portal for filing the TRAN-1 form. This led to taxpayers missing the deadline to file the form and claim the transitional credit.
Another issue was the lack of clarity on the eligibility of the transitional credit. Many taxpayers were unsure whether they were eligible to claim the credit or not. This led to confusion and delays in filing the TRAN-1 form.
The Supreme Court's ruling has now settled the issue of the eligibility of the transitional credit. The court has held that taxpayers are entitled to claim the transitional credit under the GST regime, and the denial of the same would result in the violation of their constitutional rights.
The court's decision has also provided relief to taxpayers who missed the deadline to file the TRAN-1 form. The court has directed the GST authorities to allow taxpayers to file the TRAN-1 form within a reasonable time frame and to consider the claims made in the form.
Overall, the Supreme Court's ruling has provided a much-needed relief to taxpayers regarding the GST transitional credit. This decision is expected to benefit a large number of taxpayers who were struggling to claim the credit due to the lack of clarity and technical issues.
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