TRANSITIONAL PROVISIONS

[RAJNI TOMAR]

We are situated in Haryana; we were traders and registered under the existing law (Service Tax, VAT) and having import export number. We also having Branches in few states in the pre –GST regime they were also registered in VAT, & Service tax.

Now, we have registered in GST and having closing stock as on 30.06.2017. In this stock some goods imported, purchased from manufacture and some stock transfer received from our Branched against Form F.

We want to take credit on closing stock as on 30.06.2017. We have purchased Invoices showing Excise duty and Bill of Entry also. We have Branch’s invoices but not showing Excise amount thereon.

My query is how to calculate excise duty amount on laying goods which was received from branches.

Please elaborate following rule and Sections in layman language.

1. Rule 117 (4) (a)CGST rules 2017,
2. who will file TRAN-2?
3. Sub section (3) of Section 140 of CGST Act

Thanks in advance

AI Summary

Business Seeks GST Credit for 2017 Stock; Use TRAN-1 for Documented Excise, TRAN-2 for Deemed Credit. A business in Haryana, previously registered under VAT and Service Tax, seeks guidance on claiming credit for closing stock as of June 30, 2017, under the new GST regime. They have invoices showing excise duty but lack such invoices for stock received from branches. Responses suggest using TRAN-1 for credit transfer if excise duty is documented, and TRAN-2 for deemed credit when invoices are unavailable. It's advised that branches are treated as extensions of the factory, allowing for potential full credit on duty-paid goods. Contributors emphasize careful compliance with Input Tax Credit (ITC) rules to avoid scrutiny.