In the recent press release Ministry of Finance, made it clear that some people are under the wrong impression that the transitional credit of Rs 65000 crores claimed, have resulted in the fall in income of the government. The press release also made it clear that Rs.1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June 2017 as per department’s record.

Further, the press release also said that it has been decided to provide the facility for revision of TRANS 1 by the GST Council. This facility would be available by the middle of October 2017 and assessees are requested to revise their TRANS 1 form before 31st October 2017, so that they themselves can remove the error.

Read the press release below: