Putting an end to the ongoing rumours and confusion, the government has clarified that the last date of submitting GST TRAN 1 is extended to 31st October. Confirming the same, a notification has been issued by the government under rule 117 of central goods and services tax, 2017.
After the 21st meeting of GST council, there was a notification confirming the move that the council has extended the deadline for submitting GST TRAN 1 to October 31st. However, a government notification, which came after that, stated that the original filing is allowed only till 28th September and revisions to the original filing will be allowed till October 31st.
Ahead of the festival season, the same created confusion among the individuals and the businesses. Also, a tweet by the GST council, stating that there is no further extension in the deadline to file GST TRAN 1, made a lot of individuals rush to file the same at last minute. However, the government has now amended the rule and officially announced extending the deadline, giving a relief to a number of people.
GST TRAN 1 holds huge significance for the individuals and businesses. It allows the individuals to calculate the tax benefits and input tax credits available to them before the implementation of GST. Through TRAN 1, individuals can claim the taxes they paid through various options available before July 1st.