VIDEO – FAQs on filing GST TRAN – 1

FILING TRAN-1 is very important & as the due date is 28th Sept’17, Some of the important point covered as below, For all other SECTION wise & TABLE wise QUERIES, you can view the VIDEO in the link below:-

https://youtu.be/-vU3xhbKH90

FAQs on GST TRAN – 1

Q – TRAN-1 can be revised or NOT?

A – No revision after submission, so be careful.

Q – If Input related to TRAN-1 in GSTR-3B is not taken in JULY’17, Can it be c/f later?

A – Yes, after submitting TRAN-1, amount will be credit in Electronic Credit Ledger & can be utilized than.

Q – Consequences if we claim excess Credit?

A – Recovery of TAX along with Interest & Penalty as per Section 73 or Section 74.

Q – WHO needs to fill Point 5a, 5b, 5c & Conditions if any?

A – PERSON registered under EXISTING LAW & not opting Composition Scheme having Input c/f in returns.

CONDITIONS –

ITC should be reflecting in Return.
ITC allowed in GST Act also.
ITC shouldn’t related to goods manufactured and cleared under Exemption notifications.

Preceding 6 month returns filed.

Q – What to fill in “ELIGIBLE DUTY” Box in 7(a) when we have no Duty paid Document?

A – Automatically “0” will be filled when we select “NO”, in Invoice available Box.