tran 1

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one of my client having input credit for the month of June.... the credit can be claimed in column 5 .. my query was should I claim input on closing stock again for the goods on which the vat was paid i.e., in column 7 in tran 1 form?
Replies (9)

Obviosly Not. You can't claim credit on same goods twice.

if excise bills were available in the same ?

Firstly, Table 5 requires you to simply put the same digits of credit which you carried forward in last return subject to ceratin adjustments as required as per sec 17(5) of the CGST act and nothing else.

And table 7, majorly deals with sec 140(3) & 140(4)(b) credits as per CGST Act, which means either you were not registered under earlier law, or you are a first stage/second stage dealer or providing works contract service by avaling abatement benefit. And providing details here means since you had no credit in earlier law as per last return of cenvat, which you could not carry forward in table 5, so here you have the facility to carry forward that in table 7.

Basically,things is same you can't enter/apply for credits anywhere in the entire form twice.

But, in general as you are saying you have excise invoice of the said goods, you can enter its details in table 7 if those credits were not already a part of your cenvat credit which you carried forward in table 5.

 

thanku soo much Shivam 😊
can I know what the stock has to be showed in 7(c) of trans 1

VAT and entry tax credit in stock

so that stock would be in general goods in transit stock ?

One of our clients is a trader and does not have excise paid invoices.  He has no credit of VAT. He has filed Trans-1 showing eligible duties as NIL on stock as on 30-6-2017.  But no credit is reflecting in Electronic Credit ledger.  Will the same be reflected only on filing of Trans-2

One of our clients is a trader and does not have excise paid invoices.  He has no credit of VAT. He has filed Trans-1 showing eligible duties as NIL on stock as on 30-6-2017.  But no credit is reflecting in Electronic Credit ledger.  Will the same be reflected only on filing of Trans-2

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