sir ,
my turn over is less than 20 lakh and I had not input tax credit from closing stock .
Is I need to file Tran 1 because I had no claim for input tax credit from closing stock .pls clarify .
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Tran 1 submission
Replies (7)
If you want to carry forward your previous Tax regime ITC / Closing stock then you should file TRAN1.
what's your closing stock value
12 lakh
your tax rate before and after GST
If you want ITC from previous Tax regime's stock then you can file TRAN 1 form...
If don't want ITC then you don't want file TRAN 1 form...
If don't want ITC then you don't want file TRAN 1 form...
For trader Trans1 format please.
No need to file TRAN returns. Even if you had stock eligible for ITC and if you do not want any ITC, no need to file TRAN returns
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