Gst input credit for cvd paid
This query is : Resolved
28 September 2017
Dear sir,
I am importer of hardware products and have paid CVD for the same. Can i claim input credit of CVD paid for goods held in closing stock as on 30.06.2017 under GST. If yes , what is the process? I have already availed VAT input eligible for credit under GST and filed TRAN 1 for the same. If CVD can be claimed can i revise TRAN 1 and avail input for the same?
Please advice
Regards,
I am importer of hardware products and have paid CVD for the same. Can i claim input credit of CVD paid for goods held in closing stock as on 30.06.2017 under GST. If yes , what is the process? I have already availed VAT input eligible for credit under GST and filed TRAN 1 for the same. If CVD can be claimed can i revise TRAN 1 and avail input for the same?
Please advice
Regards,
28 September 2017
Yes revise Trans 1 and avail input for the same.
26 July 2024
Under the GST regime in India, you can claim input tax credit (ITC) for Central Value Added Tax (CVD) paid on goods that were held in stock as of 30.06.2017, provided you meet certain conditions. Here’s a detailed guide on how to handle this situation:
### Claiming Input Credit for CVD Paid
1. **Eligibility to Claim CVD Input Credit:**
- **CVD Paid Prior to GST Implementation:** If you paid CVD on goods before the GST regime started on 1st July 2017 and those goods were in your stock as of 30.06.2017, you can claim the ITC on the CVD.
- **Conditions to Meet:** You must have filed your TRAN-1 (which is a declaration form for claiming ITC on pre-GST stock) within the stipulated period and should be eligible to claim credit under the GST Act.
2. **Process for Claiming Input Credit for CVD:**
- **TRAN-1 Filing:** You should have declared the CVD credit in your TRAN-1 form. If you have already filed TRAN-1, but it did not include CVD, you might need to revise it. You can file a revised TRAN-1 to include CVD input credit.
- **Filing TRAN-1:** In TRAN-1, there’s a specific section for claiming ITC on pre-GST stock, including CVD. The details of the CVD credit should be reflected in the appropriate columns.
### Process for Revising TRAN-1:
1. **Revision of TRAN-1:**
- **Login to GST Portal:** Go to the GST portal (www.gst.gov.in) and navigate to the TRAN-1 form section.
- **Revise the Form:** If you need to make changes, you can revise the TRAN-1 form. Ensure that you correctly include the CVD credit details.
- **Submit the Revised Form:** Submit the revised TRAN-1 form with the updated details.
2. **Where to Show CVD in TRAN-1:**
- **Part A of TRAN-1:** The CVD paid on imports should be reported in Part A of the TRAN-1 form under the section dealing with the credit of tax paid on inputs held in stock as on 30.06.2017.
- **Details Required:** You will need to provide details such as the amount of CVD, the date of payment, and any supporting documentation that validates the claim.
### Important Considerations:
- **Verification:** Ensure all details are accurate and backed by proper documentation, as GST authorities may require supporting documents to validate the claim.
- **Timely Filing:** Make sure that any revisions or claims are made within the permissible time limits as stipulated by the GST laws. As of now, the deadline for revising TRAN-1 has been extended multiple times, but it's important to verify the current deadline.
### Conclusion:
Yes, you can claim the input credit for CVD paid on goods held in stock as of 30.06.2017 under GST, but you need to ensure it is accurately reported in TRAN-1. If the initial TRAN-1 did not include the CVD, you should file a revised TRAN-1 to reflect the CVD credit. Ensure that all claims are well-documented and comply with GST regulations. For detailed assistance, consulting with a GST professional or tax advisor can provide tailored guidance based on your specific circumstances.
### Claiming Input Credit for CVD Paid
1. **Eligibility to Claim CVD Input Credit:**
- **CVD Paid Prior to GST Implementation:** If you paid CVD on goods before the GST regime started on 1st July 2017 and those goods were in your stock as of 30.06.2017, you can claim the ITC on the CVD.
- **Conditions to Meet:** You must have filed your TRAN-1 (which is a declaration form for claiming ITC on pre-GST stock) within the stipulated period and should be eligible to claim credit under the GST Act.
2. **Process for Claiming Input Credit for CVD:**
- **TRAN-1 Filing:** You should have declared the CVD credit in your TRAN-1 form. If you have already filed TRAN-1, but it did not include CVD, you might need to revise it. You can file a revised TRAN-1 to include CVD input credit.
- **Filing TRAN-1:** In TRAN-1, there’s a specific section for claiming ITC on pre-GST stock, including CVD. The details of the CVD credit should be reflected in the appropriate columns.
### Process for Revising TRAN-1:
1. **Revision of TRAN-1:**
- **Login to GST Portal:** Go to the GST portal (www.gst.gov.in) and navigate to the TRAN-1 form section.
- **Revise the Form:** If you need to make changes, you can revise the TRAN-1 form. Ensure that you correctly include the CVD credit details.
- **Submit the Revised Form:** Submit the revised TRAN-1 form with the updated details.
2. **Where to Show CVD in TRAN-1:**
- **Part A of TRAN-1:** The CVD paid on imports should be reported in Part A of the TRAN-1 form under the section dealing with the credit of tax paid on inputs held in stock as on 30.06.2017.
- **Details Required:** You will need to provide details such as the amount of CVD, the date of payment, and any supporting documentation that validates the claim.
### Important Considerations:
- **Verification:** Ensure all details are accurate and backed by proper documentation, as GST authorities may require supporting documents to validate the claim.
- **Timely Filing:** Make sure that any revisions or claims are made within the permissible time limits as stipulated by the GST laws. As of now, the deadline for revising TRAN-1 has been extended multiple times, but it's important to verify the current deadline.
### Conclusion:
Yes, you can claim the input credit for CVD paid on goods held in stock as of 30.06.2017 under GST, but you need to ensure it is accurately reported in TRAN-1. If the initial TRAN-1 did not include the CVD, you should file a revised TRAN-1 to reflect the CVD credit. Ensure that all claims are well-documented and comply with GST regulations. For detailed assistance, consulting with a GST professional or tax advisor can provide tailored guidance based on your specific circumstances.
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