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TMI BlogAll you should know while filing Form GST TRAN-1 (Transitional Provisions)X X X X Extracts X X X X X X X X Extracts X X X X ..... All you should know while filing Form GST TRAN-1 (Transitional Provisions) - By: - CASanjay Kumawat - Goods and Services Tax - GST - Dated:- 24-8-2017 - - The main objective of transitional provisions is to provide a safe cushion for existing taxpayers to adapt the new legislation without any shock. In the same lines, filing of GST TRAN forms is the second stage for persons under GST in the month of August, 2017. It is important to claim the benefits of ITC and save working capital needs of the persons. There is lot of confusion among industry and trade on understanding of the transitional provisions as well as filing requirement of form GST TRAN, therefore this article is written to provide conceptual clarity on objective of transitional form and how to file this form along with data requirement and calculation mechanics for detailed field wise submission in this form. The GST tax portal is likely to offer from 21 st August, 2017 forms to claim credit on sales made or services rendered before the rollout of GST, which the taxpayers have to file by August 28. Although, due date for filing of GSTR-3B has been extended upto 25 th August 2017 for the persons who do not wan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to avail the transitional credits while paying their tax liabilities. But due date for filing of the GSTR-3B for those persons who do want to claim transitional credits is 28 th August 2017 but they have to pay GST liability on or before 25 th August, 2017. Now, question comes that how to determine the GST liability before filing of GST TRAN form. In this respect, GST liability shall be determined as follows: Tax payable = (Output tax liability + Tax payable under reverse charge) ( Transitional credit + input tax credit availed for the month of July, 2017). Under GST regime, two types of TRAN forms have been prescribed, description and due dates are as follows: S.No. Description Form Type Due date 1. Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day FORM GST TRAN-1 Upto 30.09.2017 (within ninety days of the appointed day) 2. Tax or duty credit on goods held in stock on the appointed day where taxpaying documents not available ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FORM GST TRAN-2 Upto 31.12.2017 ( within six tax periods from the appointed date 3 Declaration to be made under clause (c) of sub-section (11) of section 142 , i.e., composite supply case under earlier taxation regime FORM GST TRAN-1 Upto 30.09.2017 (within ninety days of the appointed day) 4. Declaration of stock held by a principal and job-worker FORM GST TRAN-1 Upto 30.09.2017 (within ninety days of the appointed day) 5. Details of goods sent on approval basis FORM GST TRAN-1 Upto 30.09.2017 (within ninety days of the appointed day) Before understanding of the transitional provisions and this form minutely in its field wise requirement, first take a look at few important points in this regard: TRAN form needs to be filed by the persons who do want to claim transitional credit. It needs to be filed online only at the common portal i.e. www.gst.gov.in . TRAN forms as discussed above, shall be required to file wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th in time specified in the law. Having understood the description and time limits, we shall now understand the form in detail with field-wise reporting requirement along with how data/ information must be identified, computed and assimilated by the business to ensure error free filing of this form. Detailed analysis of TRAN-1 is as follows: Field No. 4 : Whether all the returns required under existing law for the period of six months immediately preceding the appointed date have been furnished:- Yes/No The benefit of carry forward of credits shall be available to those persons who has filed all the returns required under existing law for the period of six months immediately preceding the appointed date have been furnished. Under Service tax, last date for filing of service tax return for the period April to June, 2017 was 15 th August, 2017 and for the period January to March, 2017 was 25 th April, 2017. Field No. 5: Amount of tax credit carried forward in the return filed under existing laws Amount of Cenvat credit carried forward to electronic credit ledger as central tax ( Section 140(1) and Section 140(4)(a) ) Sl. no. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Registration no. under existing law (Central Excise and Service Tax) Tax period to which the last return filed under the existing law pertains Date of filing of the return specified in Column no. 3 Balance cenvat credit carried forward in the said last return Cenvat Credit admissible as ITC of central tax in accordance with transitional provisions 1 2 3 4 5 6 Total This table has to be filed by all persons registered under GST (except composition dealers under GST laws.) This Part is to be filed in respect of only those taxes for which the dealer is registered under existing laws. (eg. VAT/Excise/Service Tax etc.) Section 140(1) : A registered person shall be entitled to take, in his electronic credit ledger, the amount of CENVAT credit carried forward in the return relating to the period ending with the day immediately preceding the appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed day, furnished by him under the existing law. Section 140(4) (a) : A registered person, who was engaged in the manufacture of taxable as well as exempted goods under the Central Excise Act, 1944 or provision of taxable as well as exempted services under Chapter V of the Finance Act, 1994, but which are liable to tax under this Act, shall be entitled to take, in his electronic credit ledger the amount of CENVAT credit carried forward in a return furnished under the existing law by him. Details of statutory forms received for which credit is being carried forward Period: 1st Apr 2015 to 30th June 2017 TIN of Issuer Name of Issuer Sr. No. of Form Amount Applicable VAT Rate C-Form Total F-Form Total H/I-Form Total If goods were supplied under CST Act, details of claims and CST forms (C, F, H, I, E-I/E-II) shall be s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted within 90 days. Serial numbers of C and F forms and certificates in forms E, H F or I should be submitted in support of the claim. Amount of tax credit carried forward to electronic credit ledger as State/UT Tax (For all registrations on the same PAN and in the same State) C Forms F Forms H/I Forms Registration No. in existing law Balance of ITC of VAT and [Entry Tax] in last return Turnover for which forms Pending Difference tax payable on (3) Turnover for which forms Pending Tax payable on (5) ITC reversal relatable to [(3) and] (5) Turnover for which forms Pending Tax payable on (7) Transition ITC 2- (4+6-7+9) If the taxable person was engaged in inter-state sale, the credit as is attributable to any claim relate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to section 3, 5(3) , 6 , 6A or 8(8) of the CST Act, 1956 which is not substantiated in the manner, and within the three months after end of the period (quarterly for form C) to which it relates, specified in Rule 12 of the CST (Registration and Turnover) Rules, 1957 shall not be eligible to be credited to the electronic credit ledger. [Second proviso to section 140(1) of the SGST Act, 2017] When the said claims are substantiated, the amount will be refunded to the taxable person. [Third proviso to section 140(1) of the SGST Act, 2017] These tables are relevant in case where registered person has purchased inputs on payment of VAT for the purpose of making inter-state sales and VAT credit is claimed in his return. According to second and third proviso, VAT credit to the extent of inter-state supplies which are not substantiated cannot be carried forward. Hence, balance credit can be claimed as transitional credit. Accordingly, in case of inter-state sales, if the recipient issues Form C and other forms, i.e., F, H, I or J, or E-II, then CST rate is 2 percent. If the form is not received then CST payable is equal to state VAT rate. Thus, if VAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate is 20 percent and no forms have received then CST rate would be 20 percent. Therefore, in case where, no required form has been received upto 30.09.2017 in respect to inter-state sales made as on 30.06.2017. In that case, the claim is not substantiated. Hence, the credit of VAT equal to difference between 20 percent and 2 percent will not be eligible for carry forward. It may be noted in case where such person is not engaged in inter-state sale then there is no restriction to carry forward the VAT credits to in GST regime. It may further be noted that credit of CST shall not be allowed to carry forward in GST regime. Field No. 6 : Details of capitals goods for which unavailed credit has not been carried forward under existing law ( section140 (2) ). Amount of unavailed CENVAT credit in respect of capital goods carried forward to electronic credit ledger as central tax Sr. Invoice / Document Invoice / document Supplier s registration no. under existing Recipients registration no. under existing Details of cap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital goods on which credit has been partially availed Total eligible cenvat credit under existing Total cenvat credit availed under existing Total cenvat credit unavailed under existing law (admissible as ITC of central tax) (9-10) Duties and taxes paid ED/ Amount of unavailed input tax credit carried forward to electronic credit ledger as State/UT tax (For all registrations on the same PAN and in the same State) Sr. Invoice / Document Invoice / document Recipients registration no. under existing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Details of capital goods on which credit is not availed Total eligible VAT [and ET] credit under existing Total VAT [and ET] credit availed under existing law Total VAT [and ET] credit unavailed under existing law (admissible as ITC of State/UT tax) (8-9) Taxes paid VAT [and ET] Section 140(2) : A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, credit of the unavailed CENVAT credit in respect of capital goods, not carried forward in a return, furnished under the existing law by him, for the period ending with the day immediately preceding the appointed day. Unavailed CENVAT credit means the amount that remains after subtractin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the amount of CENVAT credit already availed in respect of capital goods by the taxable person under the existing law from the aggregate amount of CENVAT credit to which the said person was entitled in respect of the said capital goods under the existing law. The registered person shall not be allowed to take credit unless the said credit was admissible as CENVAT credit under the existing law and is also admissible as input tax credit under GST Act. In Central Excise, CENVAT Credit of capital goods is available in two years, i.e., 50 in first year and balance 50 percent in next year. In some states, VAT credit is allowed in 2-3 years. In such cases, it may be possible that some input tax credit of excise duty, State VAT or entry tax and other eligible duties paid on capital goods may not have been availed. Therefore, in such cases, unavailed credit on capital goods, not carried forward in return filed for June 2017, can be availed. Field No. 7 : Details of the inputs held in stock in terms of sections 140(3), 140(4)(b), 140(5) and 140(6). Amount of duties and taxes on inputs claimed as credit excluding the credit claimed under Table 5(a) (under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions 140(3), 140(4)(b) and 140(6)) --------------------------Kindly refer TRAN Form--------------------------------- Section 140(3) : Readers may refer given link for detailed understanding of section 140(3) of CGST Act, 2017 for Central levies. https://www.linkedin.com/pulse/credit-unsold-stock-under-section-1403-cgst-act-2017-kumawat?published=t Section 140(4)(b): A registered person, who was engaged in the manufacture of taxable as well as exempted goods under the Central Excise Act, 1944 , or provision of taxable as well as exempted services under Chapter V of the Finance Act, 1994 , but which are liable to tax under this Act, shall be entitled to take credit of eligible duties [prescribed in section 140(3) link given above] in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day, relating to such exempted goods or services , in accordance with the provisions of section 140(3) (kindly refer to the above given link). Section 140(6) : A registered person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he tax payable under the existing law shall be entitled to take credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day. It may be noted that the said registered person is in possession of invoice or other prescribed documents evidencing payment of duty under the existing law in respect of inputs. Such invoices or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day. Amount of eligible duties and taxes/VAT/[ET] in respect of inputs or input services under section 140(5) : --------------------------Kindly refer TRAN Form--------------------------------- Section 140(5) : A registered person shall be entitled to take credit of eligible duties and taxes in respect of inputs or input services received on or after the appointed day but the duty or tax in respect of which has been paid by the supplier under the earlier law, subject to the condition that the invoice or any other duty or taxpaying document of the same was recorded in the books of account of such person within a period of thirty days from the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ointed day. It is possible that the supplier has prepared invoice and despatched goods prior to 30-06-2017, but the goods were received after 30-06-2017. It is also possible that service was provided prior to 30-06-2017 but invoice was received after 01-07-2017 but before 30-07-2017. In such cases, input tax credit will be available. Credit of duty paid inputs or service tax paid on input services received after 01-07-2017 but duty was paid prior to 30-06-2017 will be available if document was recorded in books of account within 30 days. Eligible duties include duty of excise, NCCD, service tax etc. Amount of VAT and Entry Tax paid on inputs supported by invoices/documents evidencing payment of tax carried forward to electronic credit ledger as SGST/UTGST under sections 140(3), 140(4)(b) and 140(6) --------------------------Kindly refer TRAN Form--------------------------------- Section 140(3) : Readers may refer given link for detailed understanding of section 140(3) of SGST Act, 2017 for State levies. Link: https://www.linkedin.com/pulse/credit-unsold-stock-under-section-1403-sgst-act-2017-kumawat Section 140(4)(b) : A registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person, who was engaged in the sale of taxable goods as well as exempted goods or tax free goods under the earlier law but which are liable to tax under GST Act, shall be entitled to take the credit of the value added tax, if any, in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day, relating to such exempted goods or tax free goods in accordance with the provisions of section 140(3) of SGST Act, 2017. Stock of goods not supported by invoices/documents evidencing payment of tax (credit in terms of rule 117 (4)) (To be there only in States having VAT at single point ) [ Note : Details of description and quantity of inputs / input services as well as date of receipt of goods or services (as entered in books of accounts) is also required.] --------------------------Kindly refer TRAN Form--------------------------------- This option is available for the cases in which registered person wants to claim transitional credit for the MRP based goods for which taxpaying documents is not available. Field No. 8: Details of transfer of cenvat credit for registered person having centralized regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stration under existing law ( Section 140(8) ) --------------------------Kindly refer TRAN Form--------------------------------- Taxable person having centralized registration under service tax can take input tax credit within 3 months if included in his return. The credit can be distributed to its branches or divisions having same income tax PAN. He can file revised return also within 3 months after 30-06-2017. Such person is required to give details in the above table. Field No. 9: Details of goods sent to job-worker and held in his stock on behalf of principal under section 141 Details of goods sent as principal to the job worker under section 141 --------------------------Kindly refer TRAN Form--------------------------------- Details of goods held in stock as job worker on behalf of the principal under section 141 --------------------------Kindly refer TRAN Form--------------------------------- Every person to whom the provisions of section 141 , i.e. principal and job worker relationship apply shall, within ninety days of the appointed day, submit a declaration electronically in above table wherein details of the stock of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the inputs, semi-finished goods or finished goods, as applicable, held by him on the appointed have is to be specified. A taxable person might have sent inputs, semi finished goods and finished goods outside before 01-07-2017 for job work or testing. If these are received back before 31-12-2017, GST will not be payable. If goods or capital goods of principal are lying with agent on 30-06-2017, the agent can take input tax credit of state VAT paid on such inputs or capital goods. Declaration is to be given in above tables. Field No. 10: Details of goods held in stock as agent on behalf of the principal under section 142 (14) of the SGST Act Details of goods held as agent on behalf of the principal --------------------------Kindly refer TRAN Form--------------------------------- Details of goods held by the agent --------------------------Kindly refer TRAN Form--------------------------------- Where any goods or capital goods belonging to the principal are lying at the premises of the agent on the appointed day, the agent shall be entitled to take credit of the tax paid on such goods or capital goods subject to fulfilment of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he following conditions: the agent is a registered taxable person under SGST Act; both the principal and the agent declare the details of stock of goods or capital goods lying with such agent on the day immediately preceding the appointed day in such form and manner and within such time as may be prescribed in this behalf; the invoices for such goods or capital goods had been issued not earlier than twelve months immediately preceding the appointed day; and the principal has either reversed or not availed of the input tax credit in respect of such,- goods; or capital goods or, having availed of such credit, has reversed the said credit, to the extent availed of by him. Field No. 11: Details of credit availed in terms of Section 142 (11 (c) ) --------------------------Kindly refer TRAN Form--------------------------------- For detailed understanding of section 142(11)(c) , reader may refer given below link: https://www.linkedin.com/pulse/service-tax-vat-v-goods-services-section-14211-cgst-act-kumawat Field No. 12: Details of goods sent on approval basis six months prior to the appointed day ( section 142(12) ) ---------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ----------------Kindly refer TRAN Form--------------------------------- If goods were sent on approval basis and were not with the taxable person on 01-07-2017, details are to be submitted in table 12 of the GST TRAN-1. The goods should be returned before 31-12-2017. If these are returned after 6 months, GST will be payable. Every person having sent goods on approval under the existing law and to whom sub-section (12) of section 142 applies shall, within ninety days of the appointed day, submit details of such goods sent on approval in FORM GST TRAN-1 . Conclusion These are the important steps or filed to fill this form. Since window for filing of GST TRAN is already opened. CA Sanjay Kumawat (For any feedback or queries write to [email protected] .) - Reply By CASanjay Kumawat as = Que. A vat dealer who is having excise bills can fill TRAN-1 part 7(a) and he will get the actual credit. Reply: Yes, he will get the credit of eligible duties and details is to be filed in table 7(a). Dated: 25-8-2017 Reply By CASanjay Kumawat as = Que. A vat dealer who is not having the excise bills where shall he show his details in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TRAN-1 or TRAN-2 ? If he has to file TRAN-2 every month when will he declare his stock list? Reply: First of all you need to show basic details in TRAN-1 in Table No. 7(a) (Second part,i.e., 7B) and after that you need to submit TRAN-2 every month for six tax periods to claim the credit in respect to stock which you have sold. Dated: 25-8-2017 Reply By CASanjay Kumawat as = Que. A builder having both vat and excise bills will show them in TRAN-1 part 7(a) and 7(b)? Reply: Yes, builder can show but this should be in compliance with the conditions specified in section 140(3) of the CGST / SGST Act, 2017 read with Rule 117 of the CGST /SGST Rules, 2017. Dated: 25-8-2017 Reply By R.S. Mangal as = Question. As per Section 140(7) , an ISD can distribute the Input tax Credit on account of any services received prior to appointed day by it even if invoices relating to such services are received after the appointed day. This provision is notwithstanding anything contained contrary to CGST Act . Now pl provide guidance that an ISD receiving invoices relating to services received in June,2017 in August 20, 2017 after he has already filed his ST3 return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the quarter June,2017, then how he will be able to transfer such credit in new regime? The Trans 1 has no column for section 140(7). Dated: 25-8-2017 Reply By R.S. Mangal as = If an manufacturer has the credit of Cenvat Credit balance as on 30.06.2017 for carried forward but does not any credit available for VAT, then whether the details related to C,F,I,H form received from 01.04.2015 till 30.06.2017 or pending of such forms is required to be disclosed in Trans 1. In our view if no VAT credit is to be carried forward then such details is not required to be mentioned. There are contrary views also in market. What is the legal position, can you guide. regards Dated: 25-8-2017 Reply By CASanjay Kumawat as = Question. As per Section 140(7) , an ISD can distribute the Input tax Credit on account of any services received prior to appointed day by it even if invoices relating to such services are received after the appointed day. This provision is notwithstanding anything contained contrary to CGST Act. Now pl provide guidance that an ISD receiving invoices relating to services received in June,2017 in August 20, 2017 after he has already filed his ST3 return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the quarter June,2017, then how he will be able to transfer such credit in new regime? The Trans 1 has no column for section 140(7). Reply In my view, ISD has to revise the return and claim the credit with reference to the section 140(1) of the CGST Act, 2017 . In TRAN-I, this claim is to be shown in Table No. 5(a). This credit is to be claimed in Table No. 8 of the GSTR-2 and in GSTR-3B , in all other ITC of Table No. 4. Dated: 25-8-2017 Reply By CASanjay Kumawat as = Que. If an manufacturer has the credit of Cenvat Credit balance as on 30.06.2017 for carried forward but does not any credit available for VAT, then whether the details related to C,F,I,H form received from 01.04.2015 till 30.06.2017 or pending of such forms is required to be disclosed in Trans 1 . In our view if no VAT credit is to be carried forward then such details is not required to be mentioned. There are contrary views also in market. What is the legal position, can you guide. Reply: Forms detail is required to be given only in case when assessment is pending for the forms/turnover and not in all cases. It may be noted that in case if you do not want to carry forwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd the VAT credits then there is no any requirement of filing of forms in TRAN-1 form. Dated: 25-8-2017 Reply By R.S. Mangal as = Question. As per Section 140(7) , an ISD can distribute the Input tax Credit on account of any services received prior to appointed day by it even if invoices relating to such services are received after the appointed day. This provision is notwithstanding anything contained contrary to CGST Act. Now pl provide guidance that an ISD receiving invoices relating to services received in June,2017 in August 20, 2017 after he has already filed his ST3 return for the quarter June,2017, then how he will be able to transfer such credit in new regime? The Trans 1 has no column for section 140(7). Reply In my view, ISD has to revise the return and claim the credit with reference to the section 140(1) of the CGST Act, 2017 . In TRAN-I, this claim is to be shown in Table No. 5(a). This credit is to be claimed in Table No. 8 of the GSTR-2 and in GSTR-3B , in all other ITC of Table No. 4. Q Thanks Sanjayji, I still have doubt because as per Section 142(9)(b) of CGST Act,2017 , where any return furnished under the erstwhile CE o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Finance Act is revised and if pursuant to such revision Cenvat Credit is found admissible then same shall be refunded under old laws. But question is how an ISD will get the refund or whether still it can transfer credit in view of specific provision under Section 140(7) of CGSt Act. Pl advise. regards By: CASanjay Kumawat Dated: 25-8-2017 Reply By CASanjay Kumawat as = Sir, Section 140(7) starts from the non-obstante clause, i.e., (7) Notwithstanding anything to the contrary contained in this Act, the input tax credit.............. . Therefore, in my view, you can carry forward the credit by revising your service tax return. Dated: 25-8-2017 Reply By Prateek Diwan as = Can second stage dealer take the credit of excise dudy paid by him to first stage dealer...if FSD provide its purchase bill evidencing payment of duty by him..?? Dated: 26-8-2017 Reply By CASanjay Kumawat as = Yes, second stage dealer can take the credit of eligible duties including excise duty. Legal reference : Section 140(3) of the CGST Act, 2017 . Dated: 26-8-2017 Reply By Manoj Kasture as = A builder has construction WIP. This is construction complet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for unsold flats. Can he take credit of the ED and VAT which is part of Construction WIP? Dated: 26-8-2017 Reply By Manoj Kasture as = We have received bills dated prior to 30th June 17 now (i.e) after June qtr results are declared and also after filing service tax returns. Can we take CENVAT of such service tax charged by service provider thru TRAN-1 ? Books cannot be changed. Can we take credit by revising service tax returns? Dated: 26-8-2017 Reply By CASanjay Kumawat as = Sir, with reference to section 140(3) read with section 17(5) of the CGST Act, 2017 , a builder who is providing construction services cannot take the credit of inputs or input services. However a contractor can take if he was paying service tax under abatement scheme. Dated: 26-8-2017 Reply By CASanjay Kumawat as = With reference to section 142(9)(b) of the CGST Act , credit admissible after revision of return will be refunded. Therefore, you may not carry forward the same through TRAN -1 . Dated: 26-8-2017 Reply By Prateek Diwan as = Continued from previous post Can second stage dealer take the credit of excise dudy paid by him to first stage dealer...if FSD provide its purchase bi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll evidencing payment of duty by him..?? By: Prateek Diwan Dated: 26/08/2017 Yes, second stage dealer can take the credit of eligible duties including excise duty. Legal reference : Section 140(3) of the CGST Act, 2017. By: CASanjay Kumawat Dated: 26/08/2017 Is it also complusory to tranfer that credit of excise duty received by STD on the submition of bill received from FSD...to the receipt of goods to whome we sale furthe? and at which rate 100% or 60% ( as that bill is at the name of FSD) along with this cn we also claim input of VAT in our SGST credit ledger..mention on the bill raised by FSD on us?( both credit cn be take together) Dated: 26-8-2017 Reply By Amit Choudhary as = Being an importer if i have only CVD SAD as closing stock ITC which i sm claiming under 7 a in TRAN 1 and i had made central sales under the cover of C Form, but i dont have VAT credit, do i need to upload details of C Form received, in TRAN 1 ? Sanjay ji please clarify. Thanks in advance. Dated: 30-8-2017 Reply By R.S. Mangal as = No need Dated: 30-8-2017 Reply By CASanjay Kumawat as = Only details of CVD and sad is required to be given in your c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase. No need to give details of c form. Dated: 30-8-2017 Reply By Amit Choudhary as = Thanks once agian for the clarification, R.S. Mangal ji and Sanjay ji. Dated: 30-8-2017 Reply By vaishali shah as = i AM NOT REGISTERED UNDER ANY PREVIOUS Act, vat /st/excise. i have vat invoices for closing stock, So please tell me whether i have to file tran 1 or tran 2 ? Dated: 31-8-2017 Reply By CASanjay Kumawat as = If you are registered under GST Act then you may file Tran-1 or tran-2, as the case may be , for the purpose of claim of credit in respect to stocks lying as on 30.06.2017. Dated: 31-8-2017 Reply By vaishali shah as = Yes.. registered under GST but not reg under previous laws... i have closiing stock with VAT invoices.. Which form to file... Tran 1 or tran 2 if tran 1 then which column if tran 2 then which column? Dated: 31-8-2017 Reply By Sumit Poddar as = Dear sir We are a manufacturer of Auto Parts and availing ssi benifits and was not registered under central exixse... We have finish stock lying with us on 30/06/2017 but we donot have any Duty paid document. Can we avail the benifit of 30% of IGST under gst Dated: 1-9-2017 Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R.S. Mangal as = No because such benefit is not available to manufacturer or service provider unless he has duty paying documents . Refer proviso to Section 140(3) of CGST Act, 2017 . Dated: 2-9-2017 Reply By ASKARUDHEEN Askarudheen as = A trader Registered in VAT and on 30-06-2017 vat refundable RS 50450 (only taxable goods) ( all Monthly Return is filled) Then my doubt is whether I fill only Field No 5 or fill both field 5 and 7? Dated: 20-10-2017 Reply By Sumit Poddar as = There is some point to be understand very carefully that deemed credit will provided to manufacturers who were not registered under exise If not then how a small manufacturer will survive Govt made us fool if old stock is there on 30/06 for eg old tax regime selling price 500 , vat 14% 70 , total 570 In GST selling price 500 GST 28% total 640 Who will buy from us..... Dated: 20-10-2017 Reply By CASanjay Kumawat as = A trader Registered in VAT and on 30-06-2017 vat refundable RS 50450 (only taxable goods) ( all Monthly Return is filled) Then my doubt is whether I fill only Field No 5 or fill both field 5 and 7? By: ASKARUDHEEN Askarudheen Dated: 20/10/2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Refundable as per return is to be shown in table no 5. Dated: 23-10-2017 Reply By dixita dhaduk as = Hello Sir, I would like to know how to open the submitted TRANS-1 Form? Dated: 15-11-2017 Reply By Sushil Kumar as = Dear Sir, For a VAT dealer who is actually the first stage dealer is holding tax invoice containing excise duty for the purchases lying in stock on 30.06.2017. Is my understanding correct with respect to claiming the excise on such unsold stock in GST transition provisions. - He has to file only TRANS 1 (7a) . No other section of Trans 1 are to be filled. - He is not required to file TRANS 2 at all. - He will get full actual credit of Excise Duty paid on unsold stock in the electronic credit ledger. Notional credit of 60/40 is not applicable. - He has to file the Trans 1 by 28.12.2017 - He can sell the unsold stock for indefinite period of time in 2018/2019. Restriction of selling the stock until 31.12.2017 is not applicable to them. - He can claim the benefit of above transition credit against the GST tax liability of other stock items. Pls advice if above understanding is correct . regards SSKumar Dated: 27-1-2018 R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply By Rakesh Bansal as = Sir, can an existing registered dealer claim the transitional credit for the input services received prior to appointed day and the invoice for which has been received after appointed day. He has not taken cenvat credit under the existing law due to late receipt of invoice. If yes under which section or rule. Dated: 16-2-2018 Reply By anand rao as = Dear Sir, we have filed tran-1 before filing ER-3 for the 1st qtr-2017, the 1st qtr duty liability was 2.6 lakhs (we have cenvat credit on mar-2017 3.8Lakhs) after we have realised and filed ER-3 returns on Nov-2017 and trans-1 revised as on same. now the issue is as per CGST act 2017 section 140(1) cenvat credit admissible or not, please give the replay on this issue. Tran-1 revision also done with decreased the amount of 2.6L. Dated: 30-3-2018 Reply By anand rao as = Dear Sir, Please conform ER-3 returns filed in Late (nov-2017) these returns eligible or not please conform. because Tran-1 Last Date was 27-12-2017. Thanking you Ananda Rao Dated: 30-3-2018 Reply By CASanjay Kumawat as = Dear Aanand Rao Ji, Balance cenvat credit is admissible. You may send you ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r views or queries on my personal email id : [email protected] Dated: 30-3-2018 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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