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Background The Honble Supreme Court of India vide order dated 22.07.2022 in the matter of Union of India vs. M/s. Filco Trade Centre Pvt. Ltd., SLP(C) No. 32709-32710/2018 have allowed the aggrieved taxpayers to file Form TRAN-1/TRAN-2 to claim the transitional Input Tax Credit (ITC). In complian
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FAQ :
The advisory informs aggrieved taxpayers that they can now file or revise their TRAN-1 and TRAN-2 forms to claim transitional Input Tax Credit (ITC), following a Supreme Court directive.
Aggrieved taxpayers who wish to claim transitional Input Tax Credit (ITC) are eligible to file or revise their TRAN-1/2 forms.
The facility to file or revise TRAN-1/2 forms is available from 1 October 2022 until 30 November 2022.
The current process requires jurisdictional tax officers to verify the transitional credit claimed in TRAN-1/2 forms before it's entered into the respective ledgers. The user interface has also been simplified.
The TRAN-2 form will only be made available if the taxpayer has already filed TRAN-1 and made a declaration in Table 7 of TRAN-1.
Taxpayers are requested to fill in all the complete details afresh when revising their previously filed TRAN-2 form.
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