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Transition: Suresh Aggarwal

This document provides information and instructions for filing Form TRAN-1 and Form TRAN-2 under the Goods and Services Tax (GST) transition provisions. It notes that TRAN-1 must be filed within 90 days of the appointed date to claim input tax credit carried over from previous tax regimes. The document outlines the various types of stock, input tax credit, and other financial details that must be collected and reported on the forms. It also indicates that TRAN-2 is only required for traders who do not have duty paid documents and are claiming credit in a 60:40 ratio on a monthly basis.

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94 views29 pages

Transition: Suresh Aggarwal

This document provides information and instructions for filing Form TRAN-1 and Form TRAN-2 under the Goods and Services Tax (GST) transition provisions. It notes that TRAN-1 must be filed within 90 days of the appointed date to claim input tax credit carried over from previous tax regimes. The document outlines the various types of stock, input tax credit, and other financial details that must be collected and reported on the forms. It also indicates that TRAN-2 is only required for traders who do not have duty paid documents and are claiming credit in a 60:40 ratio on a monthly basis.

Uploaded by

puran1234567890
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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TRANSITION

SURESH AGGARWAL
ADVOCATE
MOBILE NO. 9810032846
EMAIL ID: SURESHAGG@GMAIL.COM
WEBSITE: WWW.SURESHTAXATION.COM
1

Whether any ITC Credit


available in Last Return of:
DVAT,
Service Tax ,or
Excise Duty
2

If DVAT Carried Over,


then see whether all central
statutory forms can be
collected within 90 days
from the appointed date i.e.1 st

July 2017.
3

If any ITC carried over of


Capital Goods, Check from
Books of Accounts and
collect the purchase bills of
said capital goods to fill up
the details.
4

As a trader, having stock which


bears excise duty, if duty paid
document is available then
collect duty paid documents for
100% claim, or otherwise
calculate in 60:40 ratio.
5

Collect stock details in the following manner:


 S.No.
 Name of the Item
 HSN Code
 Unit
 Quantity
 Value
 Excise Duty
 Earlier Basic Rate
 Current Basic Rate
6

The stock details required in the


same above columns also for:
 New Dealers like Cloth
Merchants
 Existing Dealers whose item
becomes taxable now like
Footwear Industry
7

For distributing ISD credit


due to Centralized Service
Tax Registration, then collect
ISD Distribution tax invoice
or document.
8

 If you have sent goods to a job worker then following


details are required :
 Name
 Address
 TIN of Job Worker
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
9

 If you are a job worker then principal wise details of


stock are required namely:
 Name,
 Address &
 TIN of Principal
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
10

 If you are a Principal, Consignment Agent, Branch then


following details of stock are required:
 Name
 Address
 TIN of Principal, Agent, Branch
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
11

 If you had sent goods on approval basis then following


details of stock are required:
 Name
 Address
 TIN of stockiest
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
12

 TRAN-2 is required to be filled up only in case:


 you are a trader and
 duty paid document is not available and
 duty is claimed in 60:40 ratio
 The following details are required on monthly basis:
 Sales Value
 Quantity
 CST or IGST paid
 ITC Allowed
13

 TRAN-2 is to be filed on monthly


basis in the first six months,
till stock is completely sold.
 Each month’s TRAN-2 can be filed
in the next month.
 TRAN-2 can be filed only after
filing TRAN-1.
14

 TRAN-1 to be filed within 90 days


from the appointed date but ITC
carried over benefit would be
granted only after filing TRAN-1
and hence for claiming credit in
July Return, we have to file it latest
by 20th August.
15

Whether TRAN-1 can be


Revised or not, is yet to
be considered.
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-2
Form TRAN-2
Any Question Please

SURESH AGGARWAL
SURESH
AGGARWAL

SURESH AGGARWAL
MOBILE NO.-9810032846
PPT Available on our website
www.sureshtaxation.com

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