CGST Rules, 2017: Chapter XIV: Transitional Provisions: GST Forms

CGST Rules, 2017: Chapter  XIV: Transitional Provisions: GST Forms

Form: GST TRAN – 1

Who has to file: Every Registered Person entitled to claim ITC u/s 140. (Who has filled 6 months returns under existing law immediately preceding the appointed date)

When to file: Within 90 days from appointed date.

What it contains:

1. Amount of tax credit carried forward in the return filed under existing law.

2. Detail of Statutory Forms (C/F/H/I) Received (for which credit is being carried forward). Party & Form wise detail.

3. Detail of Pending Forms (C/F/H/I).

4. Detail of Capital Goods with unavailed cenvat credit. (Invoice wise detail).

5. Detail of Input held in stock by one who was not registered under earlier law/was dealing in exempted goods now taxable etc.

6. Detail of stock not supported by invoices/documents evidencing payment of tax.

7. Detail of stock sent to Job Worker/Agent and held on behalf of Principal.

Form: GST TRAN – 2

Who has to file: Every Registered Person entitled to claim ITC against inputs held in stock but not in possession of any invoice/document evidencing payment of Tax, not being a manufacturer or service provider, but a Trader.

When to file: Every month for six months. (At the end of each month).

What it contains:

1. Detail of Inputs Held with no Tax Payment Evidencing Document.

2. Detail of outward supply made during the month and ITC allowed.

ITC against CGST (60% if rate is 9% or above, 40% if rate is less than 9%, 30% or 20% in case of IGST).

The tax payers who belongs to state where Vat was applicable at single point like Punjab can also claim Same Exemption on SGST.

MAAT: Sukhvinder (@gstsukh)