The government has extended the deadline for claiming tax benefits on the stock before the implementation of the Goods and Services Tax (GST) system for one month to 30 November. 

In the tweet made by Official Government Twitter Handle GST @ GOI for GST, it said, "The last date for GST Tran-1 form has been increased to 30 November 2017." 

This form is for businessmen who have a GST system They have to claim the credit given tax on the outstanding stock before the implementation. 

Earlier, the GST Council had extended its deadline to 31 October in the 21st meeting held in Hyderabad. The Council has given permission to the traders to amend the form in case of any disturbance in the form.

After the GST was imposed in July, a tax of Rs 95,000 crore was collected, out of which taxpayers claimed credit on the old stock of Rs 65,000 crore. However, after this, Central Board of Excise and Customs has ordered to investigate such claims of more than one crore rupees.

“Uninterrupted and seamless chain of input tax credit is one of the key features of GST, which will prevent cascading of taxes,” a government official said on condition of anonymity. 

This will bring down the incidence of taxation on business, which can be shared with consumers through lower prices. 

Also Read:

30% reduction seen in the sales of small business due to these reasons

These steps will be taken by Modi government to reduce the price of milk

Another misbehaving behavior of Driver of Uber against the woman.