TRAN1 ITC REVERSAL

[Kusalava InternationalLimited]

I want to know what is the amount to be entered in Tran1 Table 5c 'ITC reversal relatable to C-Forms & F-Forms' and Transition ITC.

[ANITA BHADRA]

Dear Sir

You need to enter differential Tax amount for pending Form C/F/H/I Form .

It means you paid concessional amount and issue these forms . If you have not yet received such forms ,, the differential amount ( Amount calculated with full rate minus concessional tax paid ) need to be adjusted against ITC credit available in last return filed by you and remaining Credit will be carried forward under GST Regime

Regards

[CSSANJAY MALHOTRA]

Addition to Anita submissions. If the tax liability on account of forms pendency is higher than VAT credit as on 30.06.2017, the transition ITC should be Zero and not in negative amount. Make sure the same.

[Kusalava InternationalLimited]

Thanks for reply,

Actually our tax liability is more than input but when I enter zero in Transition ITC.It is not accepting

AI Summary

Input tax credit reversal: enter differential tax for pending concessional forms and carry forward remaining credit under GST. Enter in Tran 1 Table 5c the differential tax for pending concessional forms (full rate minus concessional tax paid), adjust that differential against the ITC balance in the last pre GST return, and carry forward any remaining ITC into GST. If liability from pending forms exceeds the VAT credit as of transition, record the transition ITC as zero, not a negative amount.