Transitional Credit If Not Claimed In Tran-1, Lost Forever?

Upon introduction of the new tax regime of Goods & Service Tax [GST] w.e.f 01.07.2017, all the suppliers/service providers/manufacturers/dealers etc., were migrated from erstwhile regime of indirect taxation to the new regime i.e. GST. Under the GST regime, every registered person was required to file electronically FORM GST TRAN-1 concerning availment of unutilised input tax credit of duties…