DEATILS OF THE INPUTS HELD IN STOCK UNDER TRANS-1 RETURN

[SURYAKANT MITHBAVKAR]

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.

[Nash Industries I Pvt Ltd]

ER1 balance is transferred to CGST balance on submission of TRAN-1. The traders need to file TRAN-2.

[Himansu Sekhar]

Since you have the invoices, enter the same in tran 1. You will get full credit.

AI Summary

Transitional input tax credit: manufacturers can claim eligible VAT and excise balances via TRAN 1; traders use TRAN 2. Manufacturers may claim transitional input tax credit for eligible VAT and excise balances by entering invoices and stock details in TRAN 1; ER1 balances transfer to the CGST balance on submission. Traders must use TRAN 2, while availability of invoice evidence is the operative condition for claiming full credit via the applicable TRAN form.