CLARIFICATION REGARDING FILING OF TRANS 01-Keeping in consideration many Notifications/Rules/Orders have been given/published by Govt TILL 29/09/2017

After going through Notification No.36/2017 dt 29/09/2017 Govt has rectified or become more kind therefore shortcomings of Notification No.34 dt.15/09/2017  & Order No.2/2017 dt.18/09/2017 Plus Order No.3/2017 dt.21/09/2017, following was the situation:

  1. Through Notification No.34 CGST Rules amended & new section 120A was inserted which allows/empowered to Commissioner to extend the date of filing of REVISED TRANS 01 to be filed under Rule 117,118,119 & 120.
  2. Then Order No.2 came on 18/09/2017 which allowed such extended date 31/10/2017 only for submission of “Revised Trans -01”.
  3. Then Govt was pressurized by Industry or on suo moto extended date to 31/10/2017 by Ordr No.3 dt.21/09/2017 “not only for Revised Trans 01 but also for Original Trans 01 with one rider that was only Trans 01 which were filed under rule 117”. In this order Commissioner took power from Rule 117 only along with Rule 120A for date extension.

So, before Notification No.36/2017 dt.29/09/2017 only Trans 01 Original could be submitted up to 31st Oct, 2017 which were filed u/r 117.

Now, what is gift from Govt to the Industry, that is as under:

By amending CGST Rules, 2017 following will take place, as per Notification No.36/2017 dt. 29/09/2017:

Under Clause 2 of this Notification:  In the Central Goods and Services Tax Rules, 2017, – 

(i) in rule 24, in sub-rule (4), for the figures, letters and word, “30th September”, the figures, letters and word “31st October” shall be substituted; 

(ii) in rule 118, for the words “a period of ninety days of the appointed day”, the words and figures “the period specified in rule 117 or such further period as extended by the Commissioner” shall be substituted; 

(iii) in rule 119, for the words “ninety days of the appointed day”, the words and figures “the period specified in rule 117 or such further period as extended by the Commissioner” shall be substituted; 

(iv) in rule 120, for the words “ninety days of the appointed day”, the words and figures “the period specified in rule 117 or such further period as extended by the Commissioner” shall be substituted;

(v) in rule 120A, the marginal heading “Revision of declaration in FORM GST TRAN-1” shall be inserted;

With effect of above clause now TRAN 01 filed under rule 118/119 & 120 will also be qualified to file Original up to 31/10/2017 as well revised one.

Now let understand what is difference between Tran 01 filed under following rules:

U/r 117 – Every registered person entitled to take credit of input tax under section 140 which says to claim CENEVAT Credit/VAT etc c/f in return filed in existing law to GST.

U/r 118 – Applies to those suppliers on whom section 142(11)(c) of CGST Act, is applicable that says – if you have paid Service Tax/VAT/Excise under existing law to the certain extent or whole but supplies are being made in current GST Laws.

U/r 119 – Declaration of stock held by a principal and job-worker – where section 141 is applicable – these are related to partially removed goods or service provided in existing law and partially under GST

U/r 120 – Details of goods sent on approval basis – where section 142(12) applies that says Where any goods sent on approval basis, not earlier than six months before the appointed day, are rejected or not approved by the buyer and returned to the seller on or after the appointed day, no tax shall be payable thereon if such goods are returned within six months from the appointed day:

In above all rules 90 days period has been given for submitting TRAN 01 which was being expired on 28/09/2017 but in Rule 117 it was extended to 31/10/2017 or further it may extended by commissioner.

NOTE:  Cap by Act is only further 90 days extension can be given, it means if any further extension come then it cannot go beyond 27th December, 2017.   

CONCLUSION:

THEREFORE DATES FOR FILING TRAN 01 HAS BEEN EXTENDED FOR ALL TYPE OF C/F WHICH ARE COVERED U/R 117, 118, 119 & 120 OF CGST RULE, 2017 AS WELL BY RESPECTIVE STATES WILL GIVE SAME EFFECT FOR VAT ETC.

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2 responses to “Up to Date Information on TRAN 01 updated till 30-09-2017”

  1. rajivnigam says:

    Unless you have discharged your existing law tax liability you can not c/f. So, take form C and if not possible then have to pay tax at local rate and then you can c/f the same to next period for credit in your Cash Credit Ledger.

  2. Arun V Sherkar says:

    Dear Sir,

    I filled my TRAN-01. but in this return, some C form liability raise. how to reduce this liability? and what to do for that?

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