TRAN 1 and TRAN 2 Archives

GST TRAN 1 and TRAN 2: What is it, How to file and essential points to keep in mind Introduction To help businesses transition smoothly and carry forward their input tax credit, the CBEC has released Form TRAN 1 and TRAN 2. The GST TRAN 1 and TRAN 2 forms can be filed by registered business owners who were previously registered under the old indirect tax laws. Let's have a thorough look into TRAN 1 and TRAN 2 Meaning, "How to file form TRAN 1 under GST?", Useful insights on details that need to be filed in TRAN 2, and "How to file TRAN 2?" What are TRAN 1 and TRAN 2? TRAN 1 under GST: The GST (Goods and Service Tax) form TRAN 1 is a transition form for existing taxpayers in old schemes who are filing the GST TRAN - 1 (Transition 1) form to claim their previous input tax credit from previously purchased stock prior to the implementation of the GST. TRAN 2 under GST: GST form TRAN 2 (Transition 2) is filed by registered taxpayers who are eligible to receive credit in the Electronic Cash Ledger for eligible duties and taxes previously paid on inputs under the pre-GST regime. Things to Keep in Mind under GST TRAN Transition forms must be filed separately for each GSTIN. Any credit carried forward from the previous regime must also be an eligible credit under GST. Credits from the previous regime can be applied to GST. This is only permitted if you filed previous six-month returns under the old regime. As a result, you must properly file previous VAT/ Excise/ Service Tax returns. Any central taxes and duties, including Excise and Service Tax, will be carried forward as CGST. State taxes, such as VAT, will be carried over as SGST. How to file form TRAN 1 under GST? Log into your GST account by visiting the GSTN portal. Select Services > Returns > Transition Forms from the menu. Select 'Yes' or 'No' to indicate whether you successfully filed previous six-month returns under old laws prior to the implementation of GST. Based on your selection, the Tran-1 form will open with specific options. Fill in the details in each table's field and then click the 'Save' button at the bottom. If there is a validation error, the system will notify you; otherwise, your form will be saved. First, enter your information, such as GSTIN, legal name, trade name, and so on, and save. Provide information on the credit to be carried forward to GST. Enter information about capital goods for which credit was not available under previous laws and which are eligible to be carried forward to GST. Enter the details of the stock inputs to receive credit for previously paid taxes and duties under previous laws that are eligible under the GST regime. Enter the details of a credit transfer for a registered person with centralised registration under previous laws. Details of goods delivered to the job worker and held in his inventory on behalf of the principal (by both job worker and the principal business). Details of goods held in stock by agents on behalf of the actual owner, as well as ITC eligibility. Details of transition credits available on transactions where tax (both service tax and VAT) was paid under previous laws and is also applicable under GST. Details of goods sent on an approval basis six months before the scheduled date. To save the details and submit the Tran-1 form, click the 'Submit' button. (Because the form cannot be modified once submitted, make sure to enter correct information and validate before submitting.) Once the Tran-1 form is successfully submitted, the transition credit claimed will be posted to the applicant's e-credit ledger. However, the credit can only be used after signing the Tran-1. Using DSC or EVC, click the 'File' button. A message will be generated if the filing is successful. You can access the acknowledgement by downloading it. Filing of TRAN 2 under GST Form TRAN - 2 can be filed by a dealer/trader who has registered for GST but was previously unregistered. If a dealer does not have a VAT or excise invoice for stocks held by them on June 30, 2017, he or she can use TRAN -2 to claim tax credit on the stock. Form GST TRAN - 2 cannot be filed by a manufacturer or service provider. A dealer or trader must file TRAN-2 at the end of each month when stock is sold, reporting the details in order to claim input tax credit. He must meet the following requirements: Such goods were neither unconditionally exempt from excise/VAT nor nil rated under Excise/VAT (Value Added Tax). You have documentation demonstrating the acquisition of such goods. The goods for which credit is being claimed are stored in such a way that they can be easily identified. Insightful information on the details that must be filed in TRAN 2 Provide your GSTIN (Goods and Service Tax Identification Number) Taxable person name Include the month and year for which this form is being submitted. Details of inputs held in stock on July 1st for which you do not have an invoice/document proving tax payment carried forward to electronic credit ledger. Stock held with no supporting documentation demonstrating Excise Duty payment (Central Tax) If you do not have a document proving the payment of Excise Duty, you must fill out the following information: Here, you must provide stock information in the following format: In column 1, enter the HSN code of the month's opening stock. In column 2, enter the unit of measurement for the month's opening stock. In column 3, enter the amount of opening stock for the month. In column 4, enter the total number of goods sold during the month. Column 5 shows the taxable value of goods sold for the month. If sold within the state, include the CGST in column 6. If the goods are sold interstate, the amount of IGST paid must be stated in column 7. In column 8, the claimed central tax credit (CGST input credit) must be stated. If the CGST paid in column 6 is 9% or higher, the ITC to be claimed is 60% of column 6. Otherwise, it is 40% of column 6. If the IGST paid in column 7 is 18% or higher, the ITC to be claimed is 30% of column 7. If it is less than that, the ITC is 20% of column 7. In column 9, calculate the quantity of opening stock for the relevant tax period by subtracting the value in column 4 from the value in column 3. Conclusion To claim Input Tax Credit (ITC) on former stock under the GST regime, the balance of closing stock ruled by the business as of July 1, 2017 must be shown in TRAN-1. Form TRAN-2 would be submitted by a dealer or trader who has registered for GST but was previously unregistered.

For Indian Entrepreneur

For Foreign Entrepreneur

Special Entities

Tax Registrations

Other Registration

Returns

Annual Filings

Change Services

Closure

Legal Drafting

Special

Trademark

Copyright

Patent

Designing & Marketing

Blog

What are TRAN 1 and TRAN 2 Forms? – A complete guide

Hi, Welcome to EbizFiling!

HOME

POLICY

RELATED LINKS

CONNECT WITH US

TOP 3 READS

GST Compliance Calendar with Due Date for FY 2025-26

Role of IEC in International Trade: Future Trends

LLC vs INC : Difference between LLC and INC

Secure Payment Modes

Company Registration in Ontario, Canada
FSSAI Licence Modification
FSSAI License Renewal
Private Limited Company
US payroll services in India
UK Business Outsourcing Process in India
File CRF Form to change Master Data on MCA
Reply to Notice Under Section 148 of Income Tax Act
Reply to Notice u/s 143(2) of Income Tax Act for Scrutiny Assessment
Reply to Intimation Notice under section 245 of Incone Tax Act
Reply to Defective Notice u/s 139(9) of Income Tax Act
Reply to Income Tax Notice u/s 143(1)(A) for Prima Facie Adjustment
Reply to intimation notice of Section 143(1) of Income Tax Act
Reply to Income Tax Notice Under Section 133(6)
Corporate Legal Advice
LEI Code Registration
Employee Background Verification
US Business Solutions and Outsourcing Services in India
LLC Annual Compliances in Wyoming, USA
LLC Annual Compliances in Florida, USA
E-RCMC Registration under EPCES in India
Annual Filing & Bookkeeping & Accounting Service for Partnership Firm
ITIN Registration in the USA
Offshore Staffing Services in India
SEO Services in India
Content Writing Services in India
File Form 10BD Online under Income Tax Act
Annual Filing For Trust in India
Register a company in India from UK
Register a company in India from Germany
Register a company in India from France
Register a company in India from US
LLC Annual Compliances in Delaware, USA
Register a company in India from Canada
Register a company in India from UAE
Register a company in India from Singapore
Register a company in India from Australia
Company Registration in Indiana
Company Registration in California
Company Registration in New Mexico
Company Registration in New York
Company Registration in Texas
Company Registration in Wyoming, USA
Register Company in Florida, USA
Company Registration in Delaware
Annual Filing & Book-keeping & Accounting Service for Proprietorship Firm
Wall Designing
Virtual Office in India
Form 15CA Online Filing – Income Tax
NGO Darpan Registration
Overseas Direct Investment (ODI) through Automatic and Approval Route
HR Hiring and Recruitment Services in India
FLA Return Filing Online to RBI in India
APEDA (RCMC) Registration in India
ROC Annual Compliance for Producer Company
ROC Annual filing for Section 8 Company
ROC Annual filing for Public Limited Company
FCRA Registration Online in India
File Form CSR 1 online
Appeal to CIT- File an Appeal to Commissioner to Income Tax
Reply to Scrutiny Assessment Notice u/s 143(3)
Reply to Income Tax Notice- Know How to Respond to IT Notices
Surrender IEC License Online in India
भारत में कंपनी पंजीकरण / रजिस्ट्रेशन
Drop-Shipping Business in India by Foreigners
OPC Registration in India by an NRI
Company Registration in India- Know how to open a Company in India
Creation of Charge
LLP Registration in India by an NRI
Company Registration in India by an NRI
Right Issue of shares / Right Offerings
Renewal of IEC License
Application for the Extension of Name Reservation
Digital Marketing Services
Company Annual Filings in XBRL filing mode in India
12AA & 12A Registration Process
Trademark Registration / Brand Registration in the USA
Trademark Registration / Brand Registration in UK
Trademark Registration / Brand Registration in Malaysia
Strike Off Company
Payment of TDS return on purchase of property (form 26QB)
Business Advisory Services
Limited Liability Partnership Registration in Mumbai
Limited Liability Partnership
File ROC Form DPT 3 Return of Deposits
Income Tax Returns Filing
ROC Annual Return Filing for Pvt Ltd Company
MCA Companies Fresh Start Scheme
LLP Annual Return Filing
MCA LLP Settlement Scheme 2020 (LSS 2020)
DIR 3 E KYC
ISO Certification in India
Run your operations / company in India without any liabilities
Add A Director
Accounting and Compliance Services for Start ups, Small companies, LLP and OPC (Micro Retainership Services)
Foreign Direct Investment through Automatic and Direct Route
A Quick guide to company registration in Bangalore
Apply for FSSAI license or Food license in India
Dormant Company Status Application
Trademark Registration in India
Conversion From Registered Partnership To LLP
Conversion From Registered Partnership To Private Limited Company
Change in Registered Office of LLP
Company Registration in USA
Company Registration in Malaysia
Company Registration in UK
Logo Design Services
Conversion of Private Limited Company to OPC
Opening a Branch in India by a Foreign Company
Nidhi Company Annual Filing
One Person Company (OPC) Registration in Mumbai
IEC Registration in Mumbai
Trademark Registration in Mumbai
Private Limited Company registration in Mumbai
Form GSTR 1
Maharashtra Professional Tax
Premium Retainership Services in India
MicroFinance Company registration
Conversion of Section 8 Company to Private Limited Company
DPIIT Startup Recognition certificate
RBI Form FC-GPR
Charge Registration on property
RBI Form FC-TRS
EPF Registration
PAN Application
Digital Signature
IEC Registration
TAN Application
DIN Application
GST Registration
Nidhi Company
Producer Company
Hindu Undivided Family (HUF), HUF Deed
Sole Proprietorship Firm Registration
Public Limited Company
E-Commerce Business
One Person Company (OPC)
Partnership
Indian Subsidiary
Non Profit Organization
GST Returns
CMA Report Preparation
E-Form Commencement of business certificate(form-20a)
Private Limited Company Registration
Startup Advisory Services
One Person Company (OPC)
Private Limited Company Registration
Income tax section 80g(5) registration
Company Registration Process in India for Foreigner- Know How to Open a Company in India
Secretarial Compliance Services
Search Report ROC
Revival of Struck Off Company
Trademark Watch Services
One Person Company (OPC)
Limited Liability Partnership
GSTR 9C filing by CA- GST Annual Audit due date, GSTR 9C FAQs
Tax Consultancy Services
International Trademark Registration Under Madrid Protocol
Surrender of DIN
Trademark Registration Process
LLP Registration Procedure – copy
LLP Registration Procedure – copy
Online LLP Registration and Complete Procedure
Aadhaar Udyog Online Registration
New Form INC-22A
FIND GST RATE, HSN CODE & SAC CODE
Company Registration in India
Hire Purchase
Contract Manufacturing Agreement
Web Development Agreement
Sole Selling Agreement
Underwriting Agreement
Mortgage Deed
Agreement Appointing A Common Arbitrator
Deed of Wakf-Alal-Aulad
Specific Power of Attorney
Foreign Collaboration Agreement Drafting
Joint Venture Agreement
Non- Disclosure Agreement
Franchise Agreement
Agreement to Sell Business
Vendor’s Agreement
Exclusive Distributorship Agreement
Shareholders Agreement
Consumer Complaint Letter
Power of Attorney
Company Name Change
Appointment of Auditors
Removal/Resignation of Director
GST Cancellation
GST LUT Letter of Undertaking
Conversion from Private Limited Company to Limited Liability Partnership (LLP)
Business Plan Preparation (Project Report)
Book-Keeping & Accounting
Trademark Renewal
Trademark Opposition
Trademark Rectification
Trademark Withdrawal in India
Payroll Setup & Processing
ESI Returns
PF Returns
TDS Returns Revision
Removal of Charge
Modification of Charge
MOA/AOA Printing
MOA/AOA Amendment
IEC Modification
Change of Registered Office Address
OPC to Private Limited Company
Conversion of Sole Proprietorship to OPC
Sole Proprietorship to Partnership firm
Conversion from Proprietorship to LLP
Conversion of Proprietorship to Private Limited Company
Conversion of Public Limited Company to Private Limited Company
Private Limited Company to Public Limited
Conversion of Partnership to Private Limited Company
Conversion of LLP to Private Limited Company
Conversion of Partnership to LLP (Limited Liability partnership)
Del Credere Agreement
Lease deed
TDS Returns
Strike Off OPC
Dissolution of Firms
Strike Off LLP
ESIC Registration
GST Modification
OPC Annual Filing
SSI/MSME/Udyog Aadhar Registration
Share Transfer & Transmission
Change in DIN
Add/Remove a Partner in LLP
LLP Name Change
Change in LLP Agreement
Increase in Authorized Capital
Change in Directorship
Patent Registration
Patent Search
Provisional Patent
Copyright Application
Trademark Assignment
Trademark Objections
Trademark Registration
Trademark Registration – copy
Limited Liability Partnership
Conversion into LLP