Deadline Extended for Filing GST TRAN-1

Deadline Extended for Filing GST TRAN-1

The Government has today announced an extension of the deadline for filing GST TRAN-1. The new deadline for filing GSTR TRAN-1 is now 30th November 2017.

Do I have to file GST TRAN-1?

The Ministry of Finance provided the procedure for transferring existing input tax credit to GST for entities with service tax, VAT or central excise registration in Transitional Rules in GST. In accordance with the provisions, everybody who has registered for GST can file GSTR TRAN-1 to avail the input tax credit. The taxpayer must submit the following details in TRAN-1 for transfer of input tax credit. After submitting the details the taxpayer should submit Form TRAN-1 only on the GST Portal.

  • The amount of tax or duty availed or utilized by way of input tax credit under each of the existing laws till the appointed day;
  • The amount of tax or duty yet to be availed or utilized by way of input tax credit under each of the existing laws till the appointed day;
  • Details of stock held on the appointed day;
  • In the case of a claim under sub-section (5) of section 140, furnish the following details, namely:
    • The name of the supplier, serial number and date of issue of the invoice by the supplier or any document on the basis of which credit of input tax was admissible under the existing law;
    • The description and value of the goods or services;
    • The quantity in case of goods and the unit or unit quantity code thereof;
    • The amount of eligible taxes and duties or, as the case may be, the value added tax [or entry tax] charged by the supplier in respect of the goods or services; and
    • The date on which the receipt of goods or services is entered in the books of account of the recipient.

Due Date for Filing GST TRAN-1 Extended upto 30th November

GST Tran 1 must be filed in the GST Common Portal for transferring any input tax under earlier tax laws to the GST input tax. The Ministry extended the due date for filing GST TRAN-1 until 30th November 2017 to help taxpayers complete the necessary formalities. After filing GST TRAN-1 and receiving the confirmation for filing FORM TRAN-1, the electronic credit ledger receives the total amount in credit as registered to the taxpayer. The credited amount shall reflect in FORM GST PMT-2.

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