TaxTMI 
TaxTMI 
Verification of Transitional Credit in Form-I
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....ction on the excess TRAN credit, if any taken, in terms of the Law. Accordingly, a guidance note prepared by the Department for the checks to be carried out in relation to the entries provided in various Tables of TRAN-I, is attached as Annexure to this Trade Notice. The list of checks is not exhaustive but is indicative only based on the provisions of Law. All the Trade, Commerce and Industry Associations are requested to bring the contents of this Trade Notice to the notice of their members for information and necessary action. (Issued from file C. No. 1V/16/51/2018-CC (KZ)-GST cell) (Pullela Nageswara Rao) Chief Commissioner Thiruvananthapuram Zone 4 . ============= Document 1 GUIDANCE NOTE ON CGST TRANSITIONAL ....
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....eriod September, 2016 to June, 2017. During this period steep increase in credit claim has been noticed for some taxpayers. Accordingly, it has been decided to collect information from this small category of taxpayers, and verify the correctness of credit availed by them by checking the tax payment by their suppliers. Appropriate legal sanction for collection of such information is being examined so that such taxpayers are bound by law to provide the requisite information. Details on this follows in the subsequent paragraphs of the guidance note. 2. Description of Entries in TRAN-1 Table In the Form TRAN 1 there are only six entries which decide all the CGST credit which is posted in the electronic credit ledge....
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....or finished goods held in stock on the appointed day based on invoice/ document evidencing payment of duty (including CTD), subject to fulfilment of other conditions specified in section |140(3), 140(4)(b), 140(6) and 140(7) as the case may be. Document 3 4. Column (6) in Entry 7B in Table 7(a) Proviso to Section 140 (3) and Rule 117(4) of CGST Rules This table pertains to credit claim by new taxpayers (e.g. traders) who were not manufacturers or service providers. Deemed credit @ 60% of Central Tax applicable where CGST is 9% or more, and 40% where CGST is less than 9% can be availed. The provision applies where the assessee is not in possession of an invoice or a....
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.... the extent of supplies made after 1st July, 2017 as he would be liable to pay CGST in respect of such supplies. (VAT credit cannot be taken as Service tax credit and vice versa). 3. CHECKS FOR VERIFICATION OF ENTRIES IN TRAN-1 TABLE: As a matter of assistance, following checks are suggested in relation to the entries provided in various tables of TRAN 1. The list of checks is not exhaustive but is indicative only based on provisions of law, the likely error and the inputs received from the field formations on the preliminary verification of the Transitional credit. 4. Checks for Table 5(a): 4.1.1 Check 1: Verify that the credit has been taken against closing balance of CENVAT credit in ER-1/2/3 or ST-....
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