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.