Trans 1 form

[chetan jadhav]

Query regarding Trans-1 form

A is a private limited company engaged in trading and engineering consultancy services. Company was registered under erstwhile service tax and MVAT Act. Before the introduction of GST, company had imported goods for Trading purpose on which CVD and SAD was paid. certain quantity of goods were available as balance in closing stock as on 30.06.2017.

Question is - Can company now claim credit for the CVD/SAD paid on imports (proportionate basis on goods available in closing stock as on 30.06.2017) by filling Trans 1form before 30.11.2022. All goods have been purchased between 1st July 2016 to 30.06.2017. ie within 12 months and Bill of entry for import is available.

If yes, is there any other condition which company needs to fulfill to claim the credit.

Regards

[Ganeshan Kalyani]

In my view, yes.

AI Summary

Input tax credit for customs duties affirmed; Trans-1 filing permits credit for imports held in pre-GST closing stock. The advisor affirms that input tax credit for CVD and SAD paid on imports held in pre-GST closing stock can be claimed by filing Trans-1 before the prescribed deadline; the taxpayer's factual prerequisites include imports within the relevant pre-GST period and availability of bills of entry.