TRANS1

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Amlan

Amlan (Querist)
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21 August 2017 what is TRANS1 in GST?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 August 2017 Trans1 is to claim ITC on stock held as on 30th June and for carry over the unutilized ITC under pre GST regime.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 August 2017 Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the Common Portal specifying therein, separately, the amount of input tax credit to which he is entitled under the provisions of the said section.

It is basically for carry forward of transitional credit. If such credit is more than Rs 2 Lac, then a certificate is required from Practicing Chartered Accountant or Practicing Cost Accountant.

The due date of filing TRAN1 form is 30.09.2017 but if assessee want to discharge the liability of July using this credit, GST TRAN1 form along with GSTR3B has to be filed on or before 28.08.2017.

For details refer following link of CBEC Website:

https://www.cbec.gov.in/resources//htdocs-cbec/gst/transition-rules-04062017.pdf;jsessionid=142235D7E11D7C09B07E1896E0489359

https://www.cbec.gov.in/resources//htdocs-cbec/gst/eflier-transition-provisions14062017.pdf

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