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1: What type of Invoices/Details are to be furnished in the "5(a), 5(b), 5(c) - Amount of tax credit carried forward" under TRAN 1?
The "5(a), 5(b), 5(c) - Amount of tax credit carried forward" under TRAN 1 exhibits the details of tax credit to be carried forward from the last return under existing laws to GST regime.
2: What type of Invoices/ Details are to be funished in the " 6(a), 6(b) - Details of capitals goods for which un-availed credit has not been carried forward" under TRAN 1?
The " 6(a), 6(b) - Details of capitals goods for which un-availed credit has not been carried forward" under TRAN 1 exhibits the details of capital goods for which unavailed credit is to be carried forward.
3: What type of Invoices/Details are to be furnished in the "7(a), 7(b), 7(c), 7(d) - Details of the inputs held in stock" under TRAN 1?
The "7(a), 7(b), 7(c), 7(d) - Details of the inputs held in stock" under TRAN 1 exhibits the summary details of the inputs held in stock and input contained in semi-finished goods or finished goods held in stock on the appointment date.
4: What type of Invoices/ Details are to be furnished in the "8 - Details of transfer of CENVAT credit for registered person having centralized registration" under TRAN 1?
The "8 - Details of transfer of CENVAT credit for registered person having centralized registration" exhibits the summary details to transfer CENVAT credit admissible as CGST credit to any of the newly registered persons under GST having same PAN for which the centralized registration was obtained under the existing law.
5: What type of Invoices/ Details are to be furnsihed in the "9(a), 9(b) - Details of goods sent to job-worker and held in his stock on behalf of principal under section 141" under TRAN 1?
The "9(a), 9(b) - Details of goods sent to job-worker and held in his stock on behalf of principal under section 141" under TRAN 1 exhibits the summary details of goods sent to job-worker and held in stock by the Job-worker on behalf of principal by the principal and agent.
6: What type of Invoices/ Details are to be furnished in the "10(a), 10(b) - Details of goods held in stock as agent on behalf of the principal under section 142" under TRAN 1?
The "10(a), 10(b) - Details of goods held in stock as agent on behalf of the principal under section 142" under TRAN 1 exhibits the summary details of goods held in stock as agent on behalf of the principal under section 142(14) of SGST Act and the admissible credit to the agents on such stock.
7: What type of Invoices/ Details are to be furnished in the "11 - Details of credit availed in terms of Section 142(11(c))" under TRAN 1?
The "11 - Details of credit availed in terms of Section 142(11(c))" under TRAN 1 exhibits the summary details of tax paid under Existing Act and the allowable credit under GST on supplies which were taxable under both existing VAT and Service tax regime and also taxable in GST regime.
8: What type of Invoices/ Details are to be furnsihed in the " 12 - Details of goods sent on approval basis six months prior to the appointed day (section 142(12)" under TRAN 1?
The " 12 - Details of goods sent on approval basis six months prior to the appointed day (section 142(12)" under TRAN 1 exhibits the summary details of goods sent on approval basis six months prior to the appointed day (section 142(12)).
9: What is TRAN 1?
The Form TRAN 1 has to be filed by the registered taxable person to claim the Transitional Input Credit Tax (ITC). As per the transitional provisions of CGST/ SGST/ UTGST Act, registered person can take credit of taxes or duties paid under existing State or Central laws, like Value Added Tax Act, Central Excise Act and Service Tax laws and carry them forward to the GST regime, if the same are eligible as CGST/SGST/UTGST credit, subject to conditions/ limitations as prescribed in the GST Act and rules.
10: Why do we need to file the Form TRAN 1?
Every registered person who is eligible to take credit of eligible duties and taxes paid under existing laws in respect of input or input services or capital goods in his/her Electronic Credit Ledger, needs to file a declaration in Form GST TRAN - 1 within 90 days + extended days of the appointed day (1st July 2017).
11: How can I revise TRAN 1?
A one-time revision provision is being made available for taxpayers who have either submitted or filed their Form GST Tran-1. However, the details of transfer of cenvat credit for registered person having centralized registration under existing law (Section 140(8)) as declared in previous submission can-not be revised downwards. However, you may transfer more credit if applicable.
12: What will happen after the successful filing of the TRAN 1?
After successful filing of transition Form GST TRAN - 1 online, the credit will be credited/posted to their Electronic Credit Ledger and can be utilized for discharge of liabilities under GST regime.