Trans1 return

[Narendra Soni]

Dear experts

Refer GST Trans 1 Return.

In 5 c table, what is coloumn 7 'ITC reversal retable to 3 and 5 '.

Kindly suggest what amount to be entered in this coloumn.

Expert opinion is expected urgently to file correct return.

AI Summary

Understanding ITC Reversal in GST Trans 1 Return: Insights on Column 7 for Accurate Reporting An individual sought expert advice on filling out the GST Trans 1 Return, specifically regarding column 7, 'ITC reversal relatable to 3 and 5,' in the 5c table. An expert explained that this column pertains to the differential liability of a dealer if C/F Forms are not received, using an example to illustrate the calculation. Another expert added that it involves the reversal of ITC due to stock transfers, with state-specific percentages for local transfers, such as a 2% reversal rate in Delhi. Both responses aimed to clarify the correct entry for the column.