Trans 2
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 May 2018
HI
Whether credit availed in Form TRANS 2 will become part of income in Income Tax Act? Will it increase my income or not?
Whether credit availed in Form TRANS 2 will become part of income in Income Tax Act? Will it increase my income or not?
07 May 2018
No as it is only your transitional credit and not income.
CA ANUBHAV
(Expert)
07 May 2018
excise duty paid forming part of closing stock should be reduced by such amount which has been credited to your electronic credit ledger through TRAN-2.
07 May 2018
As far as excise duty on closing stock as on 30-06-2017, CENVAT credit might
have claimed in the VAT act on which transitional credit might have also claimed
under GST.
In that case , amount equal to the transitional credit becomes income.
have claimed in the VAT act on which transitional credit might have also claimed
under GST.
In that case , amount equal to the transitional credit becomes income.
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