We are manufacture registered under earlier Vat,Excise & Service Tax act. We want to take transit credit of Vat & Excise Credit (Which was shown balance in Last return filed by us on 30.06.17) under Trans -1 return.
While filing Trans-1 there is a details regarding the inputs held in stock u/s. 7(a), 7(b). 7(c), 7(d) which is applicable to us. since all credit related document (Invoices) are available with us.
We heard that these details required to fill only traders we willing to take credit on traded goods those earlier law was not permitted.
Manufacturing entity queries transitional credit claim for VAT and Excise; seeks clarity on input stock details under sections 7(a) to 7(d). A manufacturing entity previously registered under VAT, Excise, and Service Tax seeks guidance on claiming transitional credit for VAT and Excise under the TRAN-1 return. They inquire about the necessity of detailing inputs held in stock, as specified in sections 7(a) to 7(d), and express confusion over whether these details are only required for traders. Responses clarify that the ER1 balance transfers to the CGST balance upon TRAN-1 submission and confirm that with available invoices, the entity can enter details in TRAN-1 to receive full credit. (AI Summary)
TaxTMI 
TaxTMI 
