Key takeaways from the Webinar on TRAN-1 organised by Goods and Services Tax Network today-

1. Revision of TRAN-1 form may be allowed in future, the matter is being contemplated by GST Council

2. Transitional credit under existing laws will be carried forward through two tables, 5(a) for Central taxes & 5(c) for States taxes

3.No need to declare the details of C-Form , H Form & F- Form etc. in table 5(c), if no VAT ITC is being carried forward.

4. All the fields are not required to be filed in TRAN-1, only applicable fields are to be filed

5. GSTN will accept only those invoices which are of the dates between 01st Jul 16 and 30th Jun 17 in the table 7

6. The returns for the last 6 months under the existing laws must be filed to file TRAN-1 return & declaration for the same should be made

7. In table 6(a) if Capital goods were imported, “NA” should be furnished in the Supplier’s registration number field.

8. CSV upload facility for all table 6 & 7 will be made available soon where bulk data is to be uploaded.

9. In table 7 in the “Unit” field can be filed up to only 3 Alphabets.

10. Eligible duty in Table 7B will be filed as “0” where duty paid Invoices are not available and credit is being claimed under Proviso to Section 140(3) @40% & @60%.

11. Where person was having centralised registration in the existing law, he can distribute the Transitional credit to the multiple GSTIN with the same PAN number. Each GSTIN will be entered as separate line item.

12. For the credit relating to goods held by agent, the data of credit should be furnished by both agent & principal simultaneously in Table 10.

13. If you have not entered your Service tax registration number or any other registration number while registering on the portal, the credit relatable to same can not be claimed. For claiming the credit first amendment to Non-Core fields should be made.

14. For goods & services received after appointed date on which tax was charged under Old regime credit can be claimed u/s 140(5) through table 7(b) of TRAN-1.

15. TRAN 1 has to be filed by registered tax payers Within 90 days from the appointed date. Commissioner can extend the due date by 90 days on recommendation of GST Council.

16. Claimed credit will be credited to the ITC ledger on Submit and filing. Only credit of data saved successfully will be credited to the ITC ledger on submit

17. Revision of Tran-1 not allowed under present law but being contemplated by the GST Council.

18. Claimed credit can be used to discharge liability of GSTR 3B/GSTR 3.

19. Tran 1 form has eight sections with 16 tables for furnishing claim of ITC and certain type of declarations.The sections are represented as tab/tiles on the TRAN 1 home page. There is a link to each table on clicking the tile. Each table has a “SAVE”Tab and Save has to be clicked after entering data in the form.

20. Credit can be utilized for discharging liability of GSTR 3B/3 only when the electronically signed TRAN 3 is filed.

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One Comment

  1. Akash Lawar says:

    Nice Article!!!

    My query:
    Whether a person required to file Trans 1 where, he does not have provisional ITC to be carried forward but he has some stock in hand.

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March 2024