I have been regularly filing GSTR-3B from July till date and I had some old stock before July of about 15 lacs and not filed any TRAN-1 by the end of November.The old stock held before July was gradually sold in the months of July,August and Spetember and the same sales was shown in the above months in the GSTR-3B and paid the tax whatever.I have not collected any GST from the buyers but paid tax from the ITC derived from the purchases made from JUly which were adequate enough to claim ITC.What are the consequences for not claiming the ITC for the stock held till July in the TRAN-1 and what steps I have to take now for making everything fair under GST.
CAclubindia
