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.

[Nandan Khambete]

It is differential liability of Dealer assuming C / F Forms will not be received,

Eg. Vat applicable for your goods is 6% and you have sold Inter state under C from @2%.10 C forms of ₹ 100 basic value each are pending to be received by you.

In this case, State ITC of 30.06.2016 to be carried forward to 01.07.2017 will be reduced by 100*10*(6%-2%) i.e ₹ 40.

Trust the above clarifies the issue.

CA CS Nandan Khambete

[Sushil Aggarwal]

It is the reversal of ITC made in your books due to stock transfer made out of the goods on purchase of which you have claimed ITC. Various State Govt. have prescribed various percentage of the value of goods which needs to be reversed while transferring locally purchased goods, say in Delhi, it was 2%.

V.K. Verma

Advocate

AI Summary

Input tax credit reversal: record ITC reductions for unreceived concessional declarations and mandated stock transfer reversals. Column 7 of Trans1 captures Input Tax Credit reversal amounts related to items in columns 3 and 5. It includes (a) reductions for unreceived concessional inter state declarations where carry forward ITC is lowered by the value of pending forms multiplied by the tax rate differential, and (b) reversals required on stock transfers when states prescribe a percentage of value to be reversed.