
Form TRAN-1 is specifically meant for the taxpayers who are having Input Tax Credit (ITC) on closing stock and have migrated to the GST form of taxation from any of the previous tax systems. The form must include details of the balance of closing stock held by a business as on the 1st of July 2017 so as to facilitate the claim of ITC in the old stock. The due date for filing this form was previously stipulated to be on the 27th of December 2017, but technical glitches prompted the need for an extension. As a result, taxpayers may now complete their filing by the 31st of March, 2019.Filing of GST Tran-1
A Preface to the Concept
Transitional provisions in GST provides the taxpayers with an opportunity to avail the credit of taxes or duties paid under various State or Central laws; the likes of which include Value Added Tax Act, Central Excise Tax Act and service tax laws; and carry the same to the GST regime by paying heed to the eligibility requirements. These transitional credits can be applied for in Form GST TRAN-1 and TRAN-2.Submission of TRAN-1
The submission of TRAN-1 can be completed by following the procedures specified below: Step 1: User Login The proceedings may be initiated by the applicant by logging into the official GST portal. Step 2: The option of Transition Forms From the ‘Services’ drop-down menu, choose ‘Returns,’ followed by the option of ‘Transition Forms.’

- Inputs held in stock as on the 1st of July, 2017.
- Input contained in semi-finished or finished goods held in stock as on the 1st of July 2017.

- Details of goods sent as principal.

- Details of goods held in stock.

- Goods in Stock (Held on behalf of principal).

- Goods in Stock (Held by Agent).




Filing of Tran-1
The filing of Tran-1 can be initiated post its submission, which can be performed using a DSC or EVC. For this purpose, the user is required to enter the details of the authorized signatory and chose to file TRAN 1 either by means of DSC or EVC. Let us explore the procedure with respect to each of the options.Filing with DSC
Step 1: Make your Choices Select the DSC option from the ‘Transition Forms’ page, and click 'Proceed' on the warning screen. Step 2: Choice of Certificate Select the relevant certificate. Step 3: Sign Click on the ‘Sign’ button. After the success message is displayed, click on the ‘OK’ button, upon which the status of TRAN-1 is changed to “Filed” from that of “Submitted.”Filing with EVC
Step 1: Choose EVC Choose the “EVC” option on the page. Step 2: Enter OTP After choosing the EVC option, the user will receive an OTP in his/her mobile number or e-mail ID. The same must be entered in the space provided. Step 3: Verify Click on the “Verify” option. After the depiction of the success message, click on the ‘OK ’button. Upon successful performance of the above procedures, the credit claimed in TRAN-1 will be credited to the taxpayer’s credit ledger. The ITC posted in the Electronic Credit Ledger may be utilized for offsetting the liabilities of GSTR-3B or any other subsequent forms.
About the Author
SREERAM VISWANATH KPost By IndiaFilings.
Updated on: April 15th, 2019
Related Guides
Popular Post

In the digital age, the convenience of accessing important documents online has become a necessity...

The Atalji Janasnehi Kendra Project that has been launched by the Government of Karnataka...

The Indian Divorce Act governs divorce among the Christian couples in India. Divorce...

When an individual has more than a single PAN card, it may lead to that person being heavily penalised, or worse,...

Employees Provident Fund (PF) is social security and savings scheme for employee in India. Employers engaged...