REGARDING TRAN 1 OR TRAN 2, Goods and Services Tax - GST

[NAREN KHATRI]

I RECENTLY REGISTERED WITH GST (PREVIOUS NOT IN ANY REGIME).. DOING JOB WORK OF TEXTILE CLOTHES WITH 5% GST.. AND HAVING CLOSING STOCK 30.06.2017 OF COLOURS & OTHER MATERIALS WHICH USED IN DOING JOB-WORK PROCESS..

I HAVE FOLLOWING QUERIES ..

1. WHICH FORM SHOULD I HAVE USED TRAN 1 OR TRAN 2

IN TRAN 1 COLUMN SAID Whether all the returns required under existing law for the period of six months

immediately preceding the appointed date have been furnished:- Yes/No

AS I AM NEWLY IN GST SO... ??

2. I HAVE BILLS FOR CLOSING STOCK SHOWING ONLY VAT NO EXCISE PORTION SHOWN..

SO WHICH ITC CAN I CLAIM.. VAT AND 60% / 40% (DEEMED CREDIT)

3. IN WHICH TRAN FORMS IN WHICH COLUMNS I HAVE TO FILLED.

AWAITING VALUABLE REPLY FROM EXPERTS.. THANKING YOU..

Posts / Replies

[KASTURI SETHI]

TRANS 2:is applicable to you. You will get 40 % deemed credit. Whatever amount you show that you are entitled to, is subject to the approval by the System and the department.

[NAREN KHATRI]

Thank you very much for your answer, sir..

but, sir, what about vat which lying in stock..and having vat paid invoices ??

[KASTURI SETHI]

In such you get full credit. Read TRAN-2 Form.

[NAREN KHATRI]

Thank you very much.. sir.. for reply.

But still confused.. with TRAN-2.

Sir, will you let me now more about TRAN-2 for 100% VAT CREDIT..