TRAN 1 CREDIT IN GSTR 9C

[THYAGARAJAN KALYANASUNDARAM]

Dear Sir/ Madam,

Where to show TRAN 1 credit in Form GSTR 9C? Column 12B in GSTR 9C form states " ITC booked in earlier financial years claimed in current financial year". Should we show TRAN 1 credit belonging to f.y. 2016-17 alone here or those belonging to April - june 2017 also to be shown. If TRAN 1 credit of f.y. 2016-17 alone to be shown then where should we show credit belonging to period april - june 2017 ?

[Ganeshan Kalyani]

It will be shown in ITC claimed as per Annual Return.

[Ganeshan Kalyani]

In Point IV, 12(E) of GSTR 9C.

[Ganeshan Kalyani]

As per ICAI guidelines TRAN 1 credit to be shown in column 12 B of 9C.

[KASTURI SETHI]

--------------------And regarding the period, we are to go by the Financial Year. The definition of financial year has not been changed so far under any Act.

AI Summary

Input Tax Credit placement: report TRAN 1 transitional credit in the Annual Return column for earlier year ITC claimed this year.
TRAN 1 transitional Input Tax Credit that was booked in a prior financial year and claimed in the current year must be reported in the Annual Return reconciliation under the column for ITC booked in earlier financial years claimed in the current year (commonly Column 12B/Point IV in GSTR 9C). The applicable financial year determination governs whether a TRAN 1 entry is treated as earlier year ITC; reconcile TRAN 1 amounts to the Annual Return and follow professional guidance when populating the designated column.