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Trans1 - credit missed out

Pallavi (Accountant) (42 Points)

08 March 2018

sir,

We have filed our Trans 1 form, on due date, but while undergoing our internal audit, we came to know that, we have missed out some of the stock and input credits as on 30.06.2017,

so can anyone help me out, to resolve this issue by taking the credit / the procedure to reopen the trans1 file

Regards,

Pallavi

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26 Replies

Divakar (Student CA Final ) (11857 Points)
Replied 08 March 2018

Now windows is closed... They already extended it... Take refund in earlier law.. Like in vat..

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Pallavi (Accountant) (42 Points)
Replied 08 March 2018

thanks sir.

Pallavi (Accountant) (42 Points)
Replied 08 March 2018

but how about the stock which has been left out

Divakar (Student CA Final ) (11857 Points)
Replied 08 March 2018

Revise ur vat return... When stock is not properly accounted then u certainly miss that in ur vat return

Pallavi (Accountant) (42 Points)
Replied 08 March 2018

Sir,

Stock is missed by non accounting of rejected bill during the period of pre-gst, in such case what shall we do. the rejected bill was with transporter end, we dint had a notice of rejection of that particular bill, once we were following up for the payment, the person recently updated that the consignment was rejected and placed at xyz transport.

kindly suggest us to proceed further

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Divakar (Student CA Final ) (11857 Points)
Replied 08 March 2018

Then this is ur sales return na... Issue credit note in current period... U hv no need to. File refund... Ur output liability reduced for that

Divakar (Student CA Final ) (11857 Points)
Replied 08 March 2018

Or show sales return in earlier law... Bacause u show it as sales in vat... U can also contact me through mail id cadivakarthakur92 @ gmail.com

Aashish Sachdeva (839 Points)
Replied 08 March 2018

Divakar sir, if have stock on 30/6/17. available vat credit is 50000 on the same good on stock due to GST 600000 credit become CGST CREDIT. VAT become SGST. my point is that how we adjust 600000 credit in books of account. please help.

Divakar (Student CA Final ) (11857 Points)
Replied 08 March 2018

I didn't get u... If u filled ur trans 1 form then it is available in ur electronic credit ledger... And set off from that

Aashish Sachdeva (839 Points)
Replied 09 March 2018

hmm
Lets say Stock available on 30/06/17Rs. 1000000.
On that VAT available in books of Rs. 50000.
After coming GST LAW VAT become SGST.

My query point on CGST, we calculate CGST on stock lets say 90000. My point is that how we adjust 90000 in books of account.

accounting is based on dual entry concept. if take Input credit of CGST(dr.) then credit kisko karo.....

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Divakar (Student CA Final ) (11857 Points)
Replied 09 March 2018

Vat ko SGST me transfer kar do aap.... SGST A/C DR... TO INPUT VAT A/C

Aashish Sachdeva (839 Points)
Replied 09 March 2018

very true, but MY point is on CGST.

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Divakar (Student CA Final ) (11857 Points)
Replied 09 March 2018

Lekin VAT input to SGST me hi transfer hota hai... Excise or service tax CGST me hota hai transfer

Aashish Sachdeva (839 Points)
Replied 09 March 2018

I agreed, but think on excise example if good is not exiceable but after amendment it is exiceable. so on that stock we excise input. i personally feel you read in excise. same if GST is applicable then CGST balance is available. I have seen few Trans-1. in every professional Take credit of SGST AND CGST.

PLEASE SUGGEST

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