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trans 1 and trans 2

kaushal laturiya (article ) (266 Points)

28 May 2018

if any stock not sold within six month which is mentioned in trans 1 then what will be consequences.
and my another question is if trans 1 not yet filed then is it possible to file manually to sto

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6 Replies

Subhkaran Surana (343 Points)
Replied 28 May 2018

It would be treated as supply, and ITC availed would be added to the output tax liability.

No, it cannot be filled manually

Vinod Babu (24196 Points)
Replied 28 May 2018

Yes if stock not sold within 6 months ITC claimed will be reversed.
As everything in gst is online you have to submit by electronic means only... not manually.

kaushal laturiya (article ) (266 Points)
Replied 28 May 2018

but many people not yet filed trans 1 due to technical support so they filed repetation in high court , and with the technical support problem they filed manually

Vinod Babu (24196 Points)
Replied 29 May 2018

You contact and report to gst officials about this matter. Take their opinion.

kaushal laturiya (article ) (266 Points)
Replied 29 May 2018

how to value closing stock as on 30 june 2017 because tally shows value under avg cost method and as per as 2 it is cost or market price whichever is lower.