In the recent High Court decision those who forgot to claim or made incorrect claim for carry forward of tax credit till 27 December 2017, can still submit their claims to the government till 30th November 2019.
GST TRAN 1 is required to be filed by taxpayers for submitting claim of input tax credit lying on closing stock dt. 01 July 2017. By submitting this form the taxes already paid under VAT, Service Tax, Excise etc can be claimed under GST and credit is transferred to electronic credit ledger of the taxpayer.
The due date of filing TRAN 1 was 27th December 2017.
An extension of date was announced on 10th september 2018. The taxpayer who could not complete their filing due to technical reasons can file their TRAN 1 by 31st march 2019.
After an order from punjab and haryana high court TRAN 1 form could be filed till 30th November 2019.
Various details are to be reported in TRAN 1. They are as follows:
The form TRAN 1 can be filed by any registered Person under the new GST laws. They are the individuals who were registered under the old laws of indirect tax as well. The point to be noted is registered person under GST, may be registered or unregistered under old regime of taxation.
Those taxpayers who are registering under GST as composition dealer cannot file TRAN 1.
There are various regulations related to TRAN 1 to be followed by the taxpayer. They are as follows:
There are numerous conditions to be kept in mind while filing TRAN 1 by a registered person under the GST Laws. These important aspects are:
The step-by-step procedure to file TRAN-1 is:
Under this there are three sections where you have to provide the details :
Note: No rectification is allowed once it has been submitted by the taxpayer.
The amendment of details of TRAN 1 is not permitted once the filing is done by the taxpayers.
If one does not file GST TRAN 1, he or she can not claim tax credit on input or finished goods that are held on the date of migration.
There is no requirement for uploading documents along with Form GST TRAN 1
When Form GST TRAN 1 is filed ARN is generated and transition credit will be credited to electronic credit ledger of GSTIN mentioned in form.
Transition form is not required to be submitted by a person registered as composition taxpayer.