Transitional itc

This query is : Open

Sabita Sahoo (Querist)
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03 July 2017 A dealer is registered under vat act only.He filed return for 6/17 with deposit of vat Rs.50,000.whether he will file GST TRANS 2 form for taking ITC on the stock held as on 30.6.2017 as the goods dealt is excisable goods.No excisable invoice is available as he is a trader.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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03 July 2017 In that case you also get ITC of 40% or 60% as the case may be of CGST.

Sabita Sahoo

Sabita Sahoo (Querist)
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25 September 2017 Is he liable to file tran 3 evidencing the manufacturer's confirmation obtaining credit transfer documents or simply eligible to get cgst credit on filing of tran 2 only.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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26 September 2017 No theres is column7 in trans-1 for same. Also you have to file TRAN-3 for same.....

Sabita Sahoo

Sabita Sahoo (Querist)
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27 September 2017 TRAN 2 is also simultaneously be filed declaring sale for that month(up to 6 month) in order to avail 60%&40% cgst credit.Thus a dealer has to file tran1,tran2& tran3 for getting cgst credit on excisable stock as on 1.7.2017.Am I right?

Sabita Sahoo

Sabita Sahoo (Querist)
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27 September 2017 CA rashmi Gandhi please reply.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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27 September 2017 Yes you are correct . For deemed credit you are required to file TRAN-2 also

Sabita Sahoo

Sabita Sahoo (Querist)
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28 September 2017 Thanks madam.From your views,I conclude that A registered person is required to file Tran1,tran2& Tran3 to get ITC on closing excisable stock as on 1.7.2017 in absence of duty paid invoices.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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28 September 2017 Yes.........

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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28 September 2017 Welcome....

Sabita Sahoo

Sabita Sahoo (Querist)
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13 October 2017 Madam you told that in order to avail transitional credit on the appointed date one trader has to file tran1,tran2 and tran3,but the gstn helpdesk said that the trader has to file tran1 and tran2 to avail cgst credit at 60% and 40% ratio in absence of excise invoice .However if the dealer wants to take 100% cgst credit then he has to collect credit transfer documents from the manufacturer and file tran3.

Sabita Sahoo

Sabita Sahoo (Querist)
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16 October 2017 Can the transitional ITC on service tax be claimed in TRAN 1?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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16 October 2017 Yes .......

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