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Trans1 return, Goods and Services Tax - GST

Issue Id: - 112835
Dated: 18-9-2017
By:- Narendra Soni
Trans1 return

  • Contents

Dear experts

Refer GST Trans 1 Return.

In 5 c table, what is coloumn 7 "ITC reversal retable to 3 and 5 ".

Kindly suggest what amount to be entered in this coloumn.

Expert opinion is expected urgently to file correct return.

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Showing Replies 1 to 2 of 2 Records

1 Dated: 18-9-2017
By:- Nandan Khambete

It is differential liability of Dealer assuming C / F Forms will not be received,

Eg. Vat applicable for your goods is 6% and you have sold Inter state under C from @2%.10 C forms of ₹ 100 basic value each are pending to be received by you.

In this case, State ITC of 30.06.2016 to be carried forward to 01.07.2017 will be reduced by 100*10*(6%-2%) i.e ₹ 40.

Trust the above clarifies the issue.

CA CS Nandan Khambete


2 Dated: 21-9-2017
By:- Sushil Aggarwal

It is the reversal of ITC made in your books due to stock transfer made out of the goods on purchase of which you have claimed ITC. Various State Govt. have prescribed various percentage of the value of goods which needs to be reversed while transferring locally purchased goods, say in Delhi, it was 2%.

V.K. Verma

Advocate


1

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