CGST RULES, 2017 UNDER THE TRANSITIONAL PROVISIONS - Handbook of GST Law & Procedures (CBIC) [October 2024] - GST

6. CGST RULES, 2017 UNDER THE TRANSITIONAL PROVISIONS 6.1. Rule 117 of the CGST Rules, 2017 stipulates that every registered person entitled to take credit of input tax under Section 140 of CGST Act, 2017 shall submit a declaration electronically in FORM GST TRAN-1, within ninety days of the appointed day. The amount of credit specified in the application in FORM GST TRAN-1 shall be credited to the Electronic Credit Ledger of the applicant maintained in FORM GST PMT-2 on the common portal. Form GST TRAN-2 is available for dealers and traders who have registered for GST after being previously unregistered. If a dealer does not possess a VAT or excise invoice for the stocks they held on June 30, 2017, they may use TRAN-2 to claim a tax credit on those stocks. 6.2. Rule 118 of the CGST Rules, 2017 states that every person to whom the provision of Clause (c) of Sub-section (11) of Section 142 of the CGST Act, 2017 applies, shall within the period specified in Rule 117 of the CGST Rules, 2017 shall submit a declaration electronically in FORM GST TRAN-1 furnishing the proportion of supply on which Value Added Tax or Service Tax has been paid before the appointed day but the supply is made after the appointed day, and the Input Tax Credit admissible thereon. 6.3. As per Rule 119 of the CGST Rules, 2017, every person to whom the provisions of Section 141 apply within the period specified in Rule 117 of the CGST Rules, 2017 shall submit a declaration electronically in FORM GST TRAN-1, specifying therein, the stock of the inputs, semi-finished goods or finished goods, as applicable, held by him on the appointed day. 6.4. Rule 120 of the CGST Rules, 2017 states that every person having sent goods on approval under the existing law and to whom Sub-section (12) of Section 142 of the CGST Act, 2017 applies within the period specified in Rule 117 of the CGST Rules, 2017 shall submit details of such goods sent on approval in FORM GST TRAN-1. 6.5. Rule 120A of the CGST Rules, 2017 states that every registered person who has submitted a declaration electronically in FORM GST TRAN-1 within the time period specified in Rule 117, Rule 118, Rule 119 and Rule 120 of the CGST Rules, 2017 may revise such declaration once and submit the revised declaration in FORM GST TRAN-1 electronically on the common portal within the time period specified in the said Rules. 6.6. Rule 121 of the CGST Rules, 2017 provides for recovery of credit wrongly availed under section 73 or section 74 of the CGST Act, 2017.