Key takeaways from the Webinar on TRAN-1 organised by Goods and Services Tax Network

  1. Revision of TRAN-1 form may be allowed in future, the matter is being contemplated by GST Council.
  2. Transitional credit under existing laws will be carried forward through two tables, 5(a) for Central taxes and 5(c) for States taxes under TRAN 1.
  3. No need to declare the details of C-Form, H Form & F- Form etc. in table 5(c) of TRAN 1, if no VAT ITC is being carried forward under GST.
  4. All the fields are not required to be filed in TRAN-1, only applicable fields are to be filed.
  5. GSTN will accept only those invoices which are of the dates between 1st July, 2016 and 30th June, 2017 in the table 7 of TRAN 1.
  6. The returns for the last 6 months under the existing laws must be filed to file TRAN-1 return and declaration for the same should be made.
  7. In table 6(a) of TRAN 1, in case where Capital goods are imported than in the Supplier's registration number field "NA" should be furnished.
  8. CSV upload facility for table 6 and 7 will be made available soon, so that the registered taxpayers can easily upload the data under TRAN 1 where there is bulk data need to be uploaded.
  9. Only up to 3 Alphabets can be filled up in table 7 of TRAN 1 under the "Unit" field.
  10. Under the Eligible duty column of Table 7B in TRAN 1, in cases where the duty paid invoices are not available and credit is being claimed under proviso to section 140(3) of CGST Act, 2017 at the rate 60% in case where central tax is nine percent or more and 40% in other cases where the central tax rate is less than nine percent under GST than it can be filed as "0" as for the same TRAN 2 is required to be filed.
  11. Where person is having centralised registration in the existing law, he can distribute the Transitional credit to the multiple GSTIN with the same PAN number. Each GSTIN will be entered as separate line item.
  12. For the credit relating to goods held by agent, the data of credit should be furnished by both agent & principal simultaneously in Table 10 of TRAN 1..
  13. If Service tax registration number or any other registration number is not entered at the time of GST registration on the portal, than the credit relatable to same cannot be claimed under TRAN 1. For claiming the credit Service tax registration number or any other registration number need to be entered through Amendment to Non-Core fields on GST portal.
  14. For goods & services received after appointed date on which tax was charged under erstwhile law than the credit can be claimed u/s 140(5) through table 7(b) of TRAN-1.