[fusion_builder_container hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ spacing=”” center_content=”no” hover_type=”none” link=”” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”left top” background_repeat=”no-repeat” border_size=”0″ border_color=”” border_style=”solid” border_position=”all” padding=”” dimension_margin=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”no”][fusion_text]
Goods and Services Tax Network (GSTN) has recently gone live with GST TRAN-1 form. A taxpayer who has the credit of input tax in previous tax regime of VAT/Service Tax/Excise Duty can file this return form along with the particulars of stock carried forward to claim the complete amount as a credit under GST. The taxpayer can file this return online by logging into GST common portal at https://www.gst.gov.in/.
Once you login into the portal, next step would be open your GST TRAN-1 return filing screen. This you can navigate through Services > Returns > Transition Form > TRAN-1. Refer screenshot below for the flow.
Once you reach the return filing screen, you will find eight sections wherein a taxpayer needs to fill in information. These heads are:
-
Amount of Tax Credit Carried Forward.
-
Details of Capital Good For Which Unavailed Credit Has Not Been Carried Forward.
-
Details of The Input Held in Stock.
-
Details of Transfer of CENVAT Credit For Registered Person Having Centralized Registration.
-
Details of Goods Sent to Job Worker and Held in Stock on Behalf of Principal Under Section 141.
-
Details of Goods Held in Stock as Agent on Behalf of Principal Under Section 142.
-
Details of Credit Availed in Terms of Section 142 {11(c)}.
-
Details of Goods Sent on Approval Basis Six Months Prior to Appointed Date Section 142 (12)
Overall a taxpayer is required to furnish 13 information head under this return. 1-4 are basic information about the business including taxpayer’s GSTIN, Business Name, and Turnover. These details will be auto-populated from the login used to file GST TRAN-1 form. Section 13 is confirmation of information furnished under this return. This will be done by the way for authentication by a digital signature certificate in case of companies and electronic verification code in case of a sole proprietorship.
Read more on GST Return Filing
[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]