In this Video CA Vivek Jalan discussed about the matter of the procedures, issues, limitations and safeguards for claiming GST-TRAN Credit laid down vide Circular 180/12/2022 dated 9th Sep 2022.

The topic discussed on the video are listed below.

Filco Trade Centre Pvt Ltd. & Anr Vs UOI– Verdict

1. GSTN to open GST Portal from 1st Oct’ 22 to 30th Nov’22 for filing forms

2. TRAN 1 & TRAN 2 Could be filed in this time

A. Incase TRAN 1 is not filed – It could be filed

B. Incase TRAN 2 and TRAN 1 is not filed – Both Could be filed

C. Incase TRAN 1 is filed but TRAN 2 is not filed – Then TRAN 2 can be filed

D. Even TRAN-3 Can be filed

3. TRAN revision is also possible vide this relaxation

4. It is applicable for “Aggrieved Registered Assessee”. Hence if you are an aggrieved taxpayer you can filed the TRAN1/TRAN 2 in this case. You may/may not have filed a WRIT PETITION

5. GSTN has to ensure that there are no technical glitches during this period. Incase of any technical glitches reported – This Order would not be considered fully complied with

6. Within 90 days the officers have to verify the TRAN Credit and allow/object to the Credit claimed. Incase they object, then the same can be appealed against on merits.

7. Incase TRAN Credit is allowed by officer, then it will be reflected in ITC Ledger

8. Guidelines will be issued by CBIC

Process – Circular 180/12/2022 dated 9th Sep 2022

1. TRAN 1/2 can be filed online alongwith Annexure A

2. Incase of revision of TRAN 1/2 – Original Form will be downloadable

3. TRAN 3 can also be filed by uploading the PDF copy online

4. No claim for Form F/C/H issued after 27th Dec. 2022

5. TRAN – 2 for all 6 months can be filed

6. Hard Copy of TRAN 1/2/3 along with Annexure A to be submitted in 7 Days

7. All other documents like purchase-invoices, returns, Sales invoices, CTD, etc to be verified by the offier

8. Only “One Last Opportunity” to file TRAN 1/2/3 – No scope for errors after clicking “SUBMIT” button – Please read GSTN Advisory carefully

9. Incase TRAN 1/2/3 filed earlier is rejected/pending then adjudication/appeal is the appropriate action

10. Documents relating thereto are subject to verification

Issues & Precautions

1. Credit of 140(5) has been missed by many taxpayers earlier, especially incase of services, like unexpired Service Tax Credit for Insurance premium paid for traders – the same may be claimed herein

2. No Credit of Form F/C/H issued after 27th December 2017 – This may be challenged going forward

3. It has been mentioned that incase there is a “rejection order”, then appeal is the remedy. Even incase an adjudication/appeal is in process, then it should be perused. Further there is a detailed declaration in Annexure A on this aspect.

Since almost all cases will fall under this clause and hence this would create confusion for field officers as to what case will come within the purview of this circular and which cases to take separately.

4. Again there seems ‘no remedy’ for mistakes made while filing these forms – incase this circular is seen strictly by field officers then it might give rise to further litigations

5. No relief for cases like where “invoices are more than 1 year old” – these may still be disputed by the field formations

6. Purchase/Sale Invoices need to be kept ready – There may be litigation on this aspect going forward incase filed officers resort to denying Credit on minor observations in the documents

7. Incase TRAN Credit has been availed as per GSTR 3B and even not utilized certain field formations may raise an ‘interest’ demand.

WATCH OUR VIDEO ON LAST OPPORTUNITY TO CLAIM GST-TRAN CREDIT

Author Bio

Qualification: LL.B / Advocate
Company: Tax Connect Advisory Services LLP
Location: MUMBAI, Maharashtra, India
Member Since: 10 Jan 2019 | Total Posts: 70
Mr. Vivek Jalan is a Fellow Member of the Institute Of Chartered Accountants of India (ICAI) ; a qualified LL.M (Constitutional Law) and LL.B. He is the Chairman of The Core Group on Indirect Taxes of The CII- Economic Affairs and Taxation Committee (ER); He is the Chairman of The Fiscal Affairs Com View Full Profile

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