Key takeaways from the Webinar on TRAN-1 organised by GSTN

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

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.

About Nitika Bansal 120 Articles
I will regularly provide update on direct tax and indirect tax

FAQS

RBI updates on Demonitisation

1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500 and ₹ 1000 introduced?

(more…)

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6

‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee
has been constituted for providing clarifications on timely basis on various issues related to
the applicability and/or implementation of Ind AS under the Companies (Indian Accounting
Standards) Rules, 2015, raised by preparers, users and other stakeholders.
Ind AS Transition Facilitation Group (ITFG) considered some issues received from members
and decided to issue following clarifications on November 29, 2016:
Issue 1
A debt-listed company has net worth for the last 3 years as follows: (more…)

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

RESERVE BANK OF INDIA
(from m.rbi.org.in)
Frequently Asked Questions

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

1. Why is this scheme?

(more…)

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 5

At the 5th meeting of Ind AS Transition Facilitation Group (ITFG) held on September 19, 2016 at Mumbai, certain issues received from members were discussed. The Group after due deliberations decided to issue following clarifications1 on the issues considered at the meeting:

Issue 1

ABC Ltd. is a listed company. The net worth of ABC Ltd. as on 31st March 2014 was Rs. 200 crores. ABC Ltd. had a subsidiary, namely, XYZ Ltd. as at 31st March, 2015 whose net worth, consisting only of share capital as at that date, was Rs. 600 crores. XYZ Ltd. was incorporated in January, 2015. It was incorporated only for the purposes of its divestment. The financial statements of XYZ Ltd. were not consolidated with that of ABC Ltd. as at 31st March, 2015 in view of requirements of paragraph 11 of Accounting Standard (AS) 21, Consolidated Financial Statements.

ABC Ltd. entered into agreement with a proposed acquirer of the subsidiary, i.e., PQR Ltd., in September, 2015. The entire ownership of XYZ Ltd. was finally transferred to the said acquirer in the first fortnight of April, 2016.

In the given case, whether the ABC Ltd. is required to comply with Ind AS from the financial year 2016-17? (more…)

FAQs on Place of Supply of Goods and Service under GST

Q 1. What is the need for the Place of Supply of Goods and Services under GST?

Ans. The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determine the place i.e. taxable jurisdiction where the tax should reach. The place of supply determines whether a transaction is intra-state or inter-state. In other words, the place of Supply of Goods is required to determine whether a supply is subject to SGST plus CGSTin a given State or else would attract IGST if it is an inter-state supply. (more…)

FAQs on Transitional Provisions under Goods and Service Tax

Q 1. Will the CENVAT/ITC carried forward in the last return prior to GST under earlier law be available as ITC under GST?

Ans. Yes, the registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger – section 143. (more…)

Queries