The trend of revenue inflows under the goods and services tax (GST) regime remains unimpressive and erratic. The trend of revenue inflows under the goods and services tax (GST) regime remains unimpressive and erratic. Transitional credit mainly relates to input tax credit of the old regime (service tax, value-added tax or VAT, etc.) All registered taxpayers were eligible to claim transitional credit before 27 December, 2017 by filing the TRAN1 return form. If transitional credit already utilized is rejected, then the taxpayer has to repay that money along with interest.

Source: Mint March 30, 2018 02:15 UTC