Month: August 2017

GST

Filing Transitional Credit Claim (Trans 1 and Trans 2)

One important aspect under GST is the carry forward of credit that was available to a dealer under old regime of VAT and Service tax or Central Excise .The former being known as Input Credit or ITC and CENVAT in latter parlance.Please refer to our earlier post on conditions for claiming carry forward credit published in the month of july. For new visitors the link to the post is as under

Input Tax Credit in GST

Further brief provisions of filing claim for Input tax credit or CENVAT credit under erstwhile laws are as under

Common condition for all cases above that are required to file TRANS form (1 or 2)

The goods pertaining to the input credit have to be sold within 6 month of 01/07/2017

In case of registered dealers under old regime details of forms against which the goods have been procured are to be given

Goods on which credit is to be taken should not be used for taxable goods/services in GST

Still two conditions remain

Job work and Transitional Credit

Job Work

Where goods were sent on job work before 01/07/2017 and brought back after 01/07/2017 then no tax is payable provided the goods are returned within 6 month of appointed day provided that the said period of 6 month may be increased by 2 more month by the commissioner on application made for this effect .Same thing apply for goods returned within 6 month of 01/07/2017 subject to extension for 2 months on goods returned on which duty has been paid then the dealer can claim refund of such duty paid

Filing GST TANS 1 and GST TRANS 2:

For format of both form please see below

Documents required before filing

  • Last filed return copy
  • Copy of invoices on the basis of which INPUT VAT and CENVAT cenvat credit is to be claimed
  • In absence of invoice any other document evidencing payment of duty is required
  • Details of all forms issued and their details under VAT laws
  • Details of capital goods on which un availed credit is planned to be claimed
  • Details of goods sent on job work or goods send on approval basis within 6 month of date of applicability of GST
  • Details of goods lying with agent or held as agent within 6 month of appointed date

If you have with you all the documents detailed above you can file any of the two forms as required applicable to you with ease however in case of any difficulty you can always drop a mail on our site for assistance

GST

Extension of date of filing for Form GSTR 3B

As we know the last date for filing of form GSTR 3B is 20th Aug 2017 but since the form do not contains any column for claiming the credit that was available at the beginning of GST hence there was a confusion which has now been cleared by extending the date to 28th Aug 2017 but still there is confusion .The notification which is reproduced below says that to claim the credit one has to file GSTR TRANS 1 before filing of 3B which is against the spirit of GST as was discussed intially which says the GSTR TRANS 1 can be filed within 90 days of appointed date being First of July 2017 ie as per initial understanding it can be filed by 30th OCT 2017 but now it is to be filed by 28th Aug 2017 but the law today is this notification which it seems is bound to attract litigation.

GST

Payment of tax under GST

While preparing the GST return the liability that comes after adjustment of Input credit available in ECl(Electronic Credit ledger) is to be paid through portal only .
The challan is to be generated after login to the portal .Once logged in the system will autopopulate the details and will ask for details such as CGST,SGST ,IGST Additional tax,Interest ,Penalty or Cess as the case may be
Once the details are provided it will ask for payment option which may be following
a) Offline upto amount of Rs 10000.00
b) Online for payments above 10000.00 that may be done by credit card, debit card or NEFT/RTGS
The user has option to pay immediately or can save the incomplete details that will remain valid for 7/30 days (7 in case the payment is to be made without NEFT/RTGS and 30 days in case of NEFT/RTGS).The challan so generated will contain 14 digit no called CPIN
Once paid a CIN will be generated that will contain CPIN as given above plus 3 digits identifying bank MICR code
Given under is the format of challan

GST Returns

FILING OF FORM 3B

As everyone is aware first return under gst regime is to be filed on 20th Aug 2017 it is pertinent that we may be ready to file the same well in advance .We have tried to explain the forms with information required.Please go through it and if any clarification is required you can mail us at info@a2zefilingservices.com or may drop your queries at our site www.a2zefilingservices.com