Quick Summary
Finance Ministry has approached the Supreme Court for extension of time to open a special window for filing transitional credit claim by 30 days, as it feels GSTN has limited time to make changes in the portal to facilitate filing. GSTN, the IT backbone of GST, operates a portal for filing all the returns and forms for claiming tax credit. Transitional credit refers to the use of tax credit accumulated up to June 30, 2017, which is the last day of the erstwhile central excise and service tax
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FAQ :
The Finance Ministry has approached the Supreme Court to request a 30-day extension for opening a special window for filing transitional credit claims under GST.
Transitional credit refers to the ability for businesses to use tax credits that were accumulated under the previous tax regimes (like excise duty and service tax) up to June 30, 2017, when GST was implemented.
The ministry needs more time because GSTN, which manages the GST portal, has limited time to make the necessary changes to facilitate the filing of these claims.
The Supreme Court had previously ordered the portal to be opened for 60 days, from September 1 to October 31.
The Finance Ministry is now seeking to open the window for 60 days between October 1 and December 31.
GSTN faces challenges because critical periods for return filing and tax collection occur between the 7th and 24th of each month, leaving only the 25th to the 6th of the next month for IT changes.
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