TRANS-2 Details

[SURYAKANT MITHBAVKAR]

To file Trans-2 due date is 30th June-18

Who is eligible to file trans-2

We have file Trans-1 for traders stock details.

[Alkesh Jani]

Sir,

The TRAN-2 is to be filed under Rule 117 (4) (b) (iii), same is given below:-

“(iii) The registered person availing of this scheme and having furnished the details of stock held by him in accordance with the provisions of clause (b) of sub-rule (2), submits a statement in FORM GST TRAN 2 by 31st March 2018, or within such period as extended by the Commissioner, on the recommendations of the Council, for each of the six tax periods during which the scheme is in operation indicating therein, the details of supplies of such goods effected during the tax period”;

This rule refers to transitional credit of Central Excise, Service Tax and VAT (State). If you are required to file, then last date is what you have mentioned.

Our experts may correct me if mistaken.

Thanks,

[Mahadev R]

If you would like to take adhoc credit of 40% or 60% in case of trading stock, you should have showed the details in Tran-1 and also file Tran-2 showing monthly sale details. this is for sales from July 17 to Dec 17. Benefit is subject to condition that extra credit benefit is passed to customers.

[YAGAY andSUN]

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AI Summary

TRAN-2 filing for transitional credit under GST requires monthly statements reconciling stock sales and passing extra input credit to customers. TRAN-2 requires registered persons under the transitional scheme to submit Form GST TRAN-2 monthly for each tax period, reconciling supplies made from stock declared in Form GST TRAN-1; the rule governs transitional credit of Central Excise, Service Tax and VAT and allows filing within prescribed cutoffs subject to extension, and traders claiming adhoc credit must show TRAN-1 declaration and TRAN-2 monthly sales to qualify, with the extra credit benefit conditional on passing it to customers.