trans1 for input gst credit

[pawan singhal]

if client dont want to to take gst credit on stock . is it compulsory to submit trans 1 form for gst credit . although he have closing stock. if he have stock at job worker place is it compulsory to file trans 1 form for giving information about stock at job worker place. in both case he dont want to take credit .

[KASTURI SETHI]

If you do not want to transfer your credit balance as on 30.6.17, you need not file TRAN 1. It is your option. You are to see your circumstances. It is not mandatory.

[RAMESH PRAJAPATI]

Section 140 deals with all credits including stock, JW, VAT credit , Cenvat , 50% credits of capital goods, goods in transit etc. So option of non-filing of TRAN-1 should be exercised carefully.

[Himansu Sekhar]

No need to file tran1 if the credit will not be taken. For job work, styocvk declaration is essential for deciding thee ledvy of gst

AI Summary

Input tax credit transfer optional: TRAN 1 not required if credit waived, but exercise caution under section 140. Filing the TRAN 1 form is optional: if a taxpayer elects not to transfer or avail pre GST input tax credit as on 30.6.17, TRAN 1 need not be filed. Section 140 covers transitional credits including closing stock, stock at job workers, VAT/CENVAT credits, capital goods credits and goods in transit, so the decision not to file TRAN 1 must be taken with caution. For stock at job workers, a stock declaration is necessary to determine GST incidence and transitional treatment.