Itc balance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2017
Dear Sir,
In one of my case, under VAT dealer purchase was @14.5% and Sale of same product was @2% against form C. Therefore his ITC balance was about 17 lacs on 30/06/2016.
Now I have following queries regarding this -
1. Whether my ITC balance will b/f in GST regime.
2. In which return or form I have to claim this ITC.
3. Whether I have to claim it in Form 3B ?
Please clarify.
In one of my case, under VAT dealer purchase was @14.5% and Sale of same product was @2% against form C. Therefore his ITC balance was about 17 lacs on 30/06/2016.
Now I have following queries regarding this -
1. Whether my ITC balance will b/f in GST regime.
2. In which return or form I have to claim this ITC.
3. Whether I have to claim it in Form 3B ?
Please clarify.
11 August 2017
1. Whether my ITC balance will b/f in GST regime. >>> Yes ITC Balance will be brought forward in GST Regime
2. In which return or form I have to claim this ITC. >>>> You have to file Form TRAN 1 to claim the ITC as on 30/6/17
3. Whether I have to claim it in Form 3B ? >>> ITC as on 30/6/17 cannot be claimed in Form 3B. You will be eligible to claim that only after filing Form TRAN 1.
VK
2. In which return or form I have to claim this ITC. >>>> You have to file Form TRAN 1 to claim the ITC as on 30/6/17
3. Whether I have to claim it in Form 3B ? >>> ITC as on 30/6/17 cannot be claimed in Form 3B. You will be eligible to claim that only after filing Form TRAN 1.
VK
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2017
Whether T R A N 1 can be filed right now?
02 August 2024
Here’s a detailed breakdown addressing your queries about carrying forward and claiming VAT ITC balance in the GST regime:
### 1. **Carrying Forward ITC Balance to GST Regime**
Yes, you can carry forward your VAT ITC balance into the GST regime, provided that the credit was valid and the transition is compliant with GST rules. This is governed by the transitional provisions under GST.
### 2. **Form for Claiming ITC**
To claim the ITC balance from the VAT regime, you need to file **Form GST TRAN-1**. This form is specifically designed to facilitate the transition of input tax credits from the old tax regime (VAT, Excise, etc.) to the GST regime.
#### **Steps to Claim ITC Using GST TRAN-1:**
- **Form GST TRAN-1**: This form must be filed to claim the credit of VAT ITC that was carried forward. It needs to be filed on the GST portal.
**Details to Enter in Form GST TRAN-1:**
- **Table 7**: This section is used for claiming the ITC carried forward from the earlier tax regime.
- **Table 7(a)**: Enter the ITC carried forward from VAT. Provide details of the total balance available as of 30/06/2016.
- **Table 7(b)**: If applicable, include any additional details required under the transitional provisions.
### 3. **Form for Regular GST Returns**
- **Form GST 3B**: This form is used for the monthly or quarterly GST returns to declare the output tax liability and claim input tax credit on a current basis. However, the ITC carried forward from VAT should be claimed using GST TRAN-1 and not directly in GST 3B.
### 4. **Filing GST TRAN-1**
**Can you file GST TRAN-1 now?**
- **Due Dates**: GST TRAN-1 should have ideally been filed within the specified due dates (i.e., within the first few months after GST implementation, typically by December 2017 for the initial period). However, if you missed the deadline, you might still be able to file it if the GST portal allows for late submissions or if there are provisions for rectifying the situation.
**If GST TRAN-1 cannot be filed through the portal:**
- **Manual Filing/Representations**: If the portal does not allow filing, you may need to contact your GST jurisdictional office or tax consultant to understand if there’s a possibility of late filing or any provisions for adjustment. Sometimes, requests for rectification or submissions may be considered on a case-by-case basis.
**Important Points:**
- **Documentation**: Ensure that you maintain all relevant documentation and records related to VAT ITC carried forward.
- **Consultation**: It is advisable to consult with a GST expert or tax consultant for accurate guidance, especially if you face issues with portal access or missed deadlines.
By following these steps and ensuring compliance with GST provisions, you should be able to effectively manage your VAT ITC transition into the GST regime.
### 1. **Carrying Forward ITC Balance to GST Regime**
Yes, you can carry forward your VAT ITC balance into the GST regime, provided that the credit was valid and the transition is compliant with GST rules. This is governed by the transitional provisions under GST.
### 2. **Form for Claiming ITC**
To claim the ITC balance from the VAT regime, you need to file **Form GST TRAN-1**. This form is specifically designed to facilitate the transition of input tax credits from the old tax regime (VAT, Excise, etc.) to the GST regime.
#### **Steps to Claim ITC Using GST TRAN-1:**
- **Form GST TRAN-1**: This form must be filed to claim the credit of VAT ITC that was carried forward. It needs to be filed on the GST portal.
**Details to Enter in Form GST TRAN-1:**
- **Table 7**: This section is used for claiming the ITC carried forward from the earlier tax regime.
- **Table 7(a)**: Enter the ITC carried forward from VAT. Provide details of the total balance available as of 30/06/2016.
- **Table 7(b)**: If applicable, include any additional details required under the transitional provisions.
### 3. **Form for Regular GST Returns**
- **Form GST 3B**: This form is used for the monthly or quarterly GST returns to declare the output tax liability and claim input tax credit on a current basis. However, the ITC carried forward from VAT should be claimed using GST TRAN-1 and not directly in GST 3B.
### 4. **Filing GST TRAN-1**
**Can you file GST TRAN-1 now?**
- **Due Dates**: GST TRAN-1 should have ideally been filed within the specified due dates (i.e., within the first few months after GST implementation, typically by December 2017 for the initial period). However, if you missed the deadline, you might still be able to file it if the GST portal allows for late submissions or if there are provisions for rectifying the situation.
**If GST TRAN-1 cannot be filed through the portal:**
- **Manual Filing/Representations**: If the portal does not allow filing, you may need to contact your GST jurisdictional office or tax consultant to understand if there’s a possibility of late filing or any provisions for adjustment. Sometimes, requests for rectification or submissions may be considered on a case-by-case basis.
**Important Points:**
- **Documentation**: Ensure that you maintain all relevant documentation and records related to VAT ITC carried forward.
- **Consultation**: It is advisable to consult with a GST expert or tax consultant for accurate guidance, especially if you face issues with portal access or missed deadlines.
By following these steps and ensuring compliance with GST provisions, you should be able to effectively manage your VAT ITC transition into the GST regime.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
