GST India – TRAN-2
By: – Altamush Zafar
Goods and Services Tax – GST
Dated:- 20-3-2018
Only few days left to file the TRAN-2 form. The taxpayers need to know some essential points which are often being ignored regarding the form:
* The form is only for traders.
* It is only for traders who were unregistered in VAT.
* The benefits of credits received are to be passed on by way of reduced pricing. This doesn't just mean that the benefits are to be passed on, it also means that details of all the tax payers who have filed this form will be sent to the Anti- Profiteering Committee and the tax officials will surely pay you a visit if it is a substantial amount.
* The document of procurement is required to avail the cr
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in tran1 in serial 7 of whether having duty paying document- 'yes' or 'no' should not have given.
Dated: 20-3-2018
Reply By Ganeshan Kalyani as =
nevertheless nice article and timely written. it will be an alarm to the querist. thanks.
Dated: 20-3-2018
Reply By Ashwarya Agarwal as =
Sir in my opinion, there is no such condition that "It is only for traders who were unregistered in VAT."
Dated: 21-3-2018
Reply By Altamush Zafar as =
The availment of credit through TRAN-2 is allowed through proviso to section 140(3). Section 140(3) is for certain specific persons and those who were not liable to be registered under previous laws (meaning not registered). Therefore the proviso will be read subject to the se
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