REGARDING TRAN 1 OR TRAN 2

[NAREN KHATRI]

I RECENTLY REGISTERED WITH GST (PREVIOUS NOT IN ANY REGIME).. DOING JOB WORK OF TEXTILE CLOTHES WITH 5% GST.. AND HAVING CLOSING STOCK 30.06.2017 OF COLOURS & OTHER MATERIALS WHICH USED IN DOING JOB-WORK PROCESS..

I HAVE FOLLOWING QUERIES ..

1. WHICH FORM SHOULD I HAVE USED TRAN 1 OR TRAN 2

IN TRAN 1 COLUMN SAID Whether all the returns required under existing law for the period of six months

immediately preceding the appointed date have been furnished:- Yes/No

AS I AM NEWLY IN GST SO... ??

2. I HAVE BILLS FOR CLOSING STOCK SHOWING ONLY VAT NO EXCISE PORTION SHOWN..

SO WHICH ITC CAN I CLAIM.. VAT AND 60% / 40% (DEEMED CREDIT)

3. IN WHICH TRAN FORMS IN WHICH COLUMNS I HAVE TO FILLED.

AWAITING VALUABLE REPLY FROM EXPERTS.. THANKING YOU..

AI Summary

Business Owner Seeks Clarity on Using TRAN 2 for Claiming ITC on Closing Stock Under GST Regime A business owner newly registered under the Goods and Services Tax (GST) regime seeks advice on whether to use TRAN 1 or TRAN 2 forms for claiming Input Tax Credit (ITC) on closing stock as of June 30, 2017, which includes colors and materials used in textile job work. The owner has VAT invoices but no excise details. An expert advises using TRAN 2 to claim 40% deemed credit, subject to approval, and confirms that full VAT credit can be claimed for stock with VAT-paid invoices. The business owner remains confused about claiming 100% VAT credit using TRAN 2.