How and when to file GST TANS 1?
If the stock is exempted under pre-gst regime, Is input tax credit would be available on such stock held on appointment date?
Is it required to file the previous 6months return on time to take the ITC on old stock?
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GST TANS 1
Replies (4)
if the goods held in stock are exempted in earlier law then no issue of itc and hence in my view no need to file tran
if your stock in excise then you are claim
Sir the stock was earlier exempted but later under GST regime, it made taxable @ 5%.
Yes, you have to file TRAN2 form under 2 options;
1) if you have earlier 1 year Excise tax paid invoices- ITC available
2) if you dont have any invoices- you may 60-40% ITC, after payment of GST on output, you will get refund of ITC upto 6 months- you have to close your old stock in 6 months.
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