Case 2: Manufacturer registered under Excise and VAT
⛳ Return filed under Excise or VAT shows outstanding/ excess/ unutilised balance of input tax credit
🌴 The excess input tax credit reflected in the return filed for period ended 30th June, 2017 to be carried forward under GST.
🌴 GST FORM TRAN-1 to be filed by 28th Sep, 2017. Commissioner may extend this timeline by another 90 days.
🌴 The GST FORM TRAN-1 to specify separately the details of stock held on the appointed day.
🌴 In case of capital goods, he will have to submit the declaration specifying:
(a) Amount of credit already availed in the current law.
(b) Amount of credit yet to be availed under the existing law and which he intends to avail under GST.
🌴 Excess CENVAT Credit (shown in Excise Return) shall be carried forward as CGST.
🌴 Excess VAT Credit (shown in VAT Return) shall be carried forward as SGST.
⛳ The balance is not allowed to be carried forward in following cases:
🌴 The Credit is not admissible in the GST Law.
🌴 All returns for 6 months have not been duly filed under the Excise, VAT Law.
🌴 Credit relates to goods manufactured and cleared under exemption notifications as are notified by the Government.
🌴 VAT Credit attributable to claims related to sales under Form C, F, E, H or I etc. not to be allowed unless the forms are duly made available.
⛳Return filed under VAT does not show outstanding balance of input tax credit
🌴 No credit shall be carried forward under GST.
🌴 No requirement to file any detail with respect to the stock in GST FORM TRAN-1.
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005