Transition Returns. Tran 1 + Tran 2

Transcription

1 Transition Returns Tran 1 + Tran 2 1

2 Transition Returns Tran 1 Entitled to Input tax credit u/140 Final One Time Transition Return Entitled for Actual Credit Tran 2 Not Registered Under Existing Law 140(3) Proviso File Monthly Return for 6 tax periods Entitled for Deemed Credit 60% of CGST, Rate >=18% 40% of CGST, Rate < 18%

3 GST TRAN 1

4 Table Section ITC available for To be filed to claim ITC on To be filed by 5 140(1) & 140(4)(a) Normal Goods and Services Only those taxes c/f in the last return Only those taxes for which the dealer is registered under existing laws All persons registered under GST (EXCEPT Composition dealers under GST laws) 6 140(2) Unavailed ITC on Capital Goods Unavailed tax credit of Capital Goods not shown in last return filed. All persons registered under GST (EXCEPT Composition dealers under GST laws) 7 140(3), 140(4)(b) & 140(6) ITC on Normal Goods Taxes not claimed under existing tax laws (as dealer was not registered under that Act) Eligible duties by a person paying fixed rate of tax under existing law All persons registered under GST laws, who were: not liable to be registered under the existing law exclusively engaged in the manufacture of exempted goods exclusively engaged in the provision of exempted services providing works contract service and was availing of the benefit of service tax notification No. 26/2012 first stage dealer second stage dealer

5 S. NO Section ITC available for To be filed to claim ITC on To be filed by registered importer depot of a manufacturer exclusively engaged in the supply of exempted goods A person who was paying fixed rate under existing law 8 140(8) Cenvat Credit by person having Centralised registration Who are claiming Cenvat credit held under centralised registration of existing laws as on the appointed day Statement of goods lying with Job worker To be filed by both Principal and Jobworker (14) of SGST Act Statement of goods lying with agent as on appointed day (11)(c ) Tax paid on advance received for Composite Supply under existing law. (Only VAT + Service Tax) To be filed by both Principal and Agent To be filed by supplier of Goods and Services (12) Goods sent on approval or return as on appointed day. To be filed by supplier of Goods

6 Table 5(a) & 5(b) (a) Amount of Cenvat credit carried forward to electronic credit ledger as central tax (Section 140(1) and Section 140(4)(a)) (b) Details of statutory forms received for which credit is being carried forward Period: 1st Apr 2015 to 30th June 2017 >>

7 Table 5: Amount of tax credit C/F in the return filed under existing laws 5(a) 5(b) Amount of Cenvat credit c/f as central tax (Section 140(1) and Section 140(4)(a)) Information to be furnished a. Registration no. under existing law (Central Excise and Service Tax) b. Tax period to which the last return filed under the existing law pertains c. Date of filing of the return specified in Column no. 3 d. Balance cenvat credit carried forward in the said last return e. Cenvat Credit admissible as ITC of central tax in accordance with transitional provisions. Details of statutory forms received for which credit is being carried forward Period: 1st Apr 2015 to 30th June 2017 Information to be furnished a. TIN of Issuer b. Name of Issuer c. Sr. No. of Form d. Amount e. Applicable VAT Rate

8 Table 5(c) (c) Amount of tax credit carried forward to electronic credit ledger as State/UT Tax(For all registrations on the same PAN and in the same State)

9 Table 5: Amount of tax credit carried forward in the return filed under existing laws 5(c) Amount of tax credit c/f to electronic credit ledger as State/UT Tax (For all registrations on the same PAN and in the same State) Information to be furnished i. Registration No. in existing law ii. Balance of ITC of VAT and [Entry Tax] in last return iii. C Forms a. Turnover for which forms Pending b. Difference tax payable on (3) iv. F Forms a. Turnover for which forms Pending b. Tax payable on (5) v. ITC reversal relatable to [(3) and] (5) vi. H/I Forms a. Turnover for which forms Pending b. Tax payable on (7) vii. Transition ITC

10 Table 6: Details of capitals goods for which unavailed credit has not been C/F under existing law (section140 (2)). 6(a) Amount of unavailed cenvat credit in respect of capital goods c/f as central tax Information to be furnished: a) Invoice / Document no. b) Invoice / document Date c) Supplier s registration no. under existing law d) Recipients registration no. under existing law e) Details of capital goods on which credit has been partially availed o Value o Duties and taxes paid f) Total eligible cenvat credit under existing law g) Total cenvat credit availed under existing law h) Total cenvat credit unavailed under existing law (admissible as ITC of central tax) (9-10)

11 Capitals Goods for which credit carried forward under existing law

12 Table 6(a) :CENVAT Credit

13 Table 6: 6(b) Amount of unavailed input tax credit c/f to electronic credit ledger as State/UT tax (For all registrations on the same PAN and in the same State) Information to be furnished: a. Invoice / Document no. b. Invoice / document Date c. Supplier s registration no. under existing law d. Recipients registration no. under existing law e. Details regarding capital goods on which credit is not availed Value Taxes paid VAT [and ET] f. Total eligible VAT [and ET] credit under existing law g. Total VAT [and ET] credit availed under existing law h. Total VAT [and ET] credit unavailed under existing law (admissible as ITC of State/UT tax)

14 Table 6(b): VAT Credit

15 Inputs in Stock Not in Return 140(3), 140(4)(b) and 140(6).

16 Table 7(a) CENVAT CREDITS

17 Table 7(a): duties and taxes on inputs excluding the credit claimed under Table 5(a) and 7(a) 7A Where duty paid invoices or any other document are available 7B Where duty paid invoices are not available (Applicable only for person other than manufacturer or service provider) Credit in terms of Rule 1(4) Details of inputs held in stock or inputs contained in semi-finished or finished goods held in stock : HSN (at 6 digit level) Unit Qty. Value Eligible Duties paid on such inputs

18 Table 7(b): Amount of vat and entry Tax paid on inputs supported by invoices/documents evidencing payment of tax carried forward to electronic credit ledger as SGST/UTGST Information to be furnished Details of inputs in stock 1. Description 2. Unit 3. Qty 4. Value 5. VAT [and Entry Tax] paid Total input tax credit claimed under earlier law Total input tax credit related to exempt sales not claimed under earlier law Total Input tax credit admissible as SGST/UTGST

19 Table 7(b) : VAT + Entry Tax

20 Table 7(c): VAT at single point Stock of goods not supported by invoices/documents evidencing payment of tax tax carried forward to electronic credit ledger as SGST/UTGST

21 Table : 8 Transfer from Centralised Reg

22 Table 8: Details of transfer of cenvat credit for registered person having centralized registration under existing law (Section 140(8)) Information to be furnished Registration no. under existing law (Centralized) Tax period to which the last return filed under the existing law pertains Date of filing of the return specified in Column no. 3 Balance eligible cenvat credit c/f in the said last return GSTIN of receivers (same PAN) of ITC of CENTRAL TAX Distribution document /invoice (No. and Date) ITC of CENTRAL TAX transferred

23 REPORTING OF STOCKS ON HAND Special Cases

24 Table 9(a) & 9(b): JOB Work Sent as principal Held in stock as job worker

25 Table 9: Details of goods sent to job-worker and held in his stock on behalf of principal under section 141 9(a): Details of goods held as agent on behalf of the principal Information to be furnished GSTIN of Job Worker, if available Challan (No. & date ) Type of goods (inputs/ semi-finished/ finished) Details of goods with job- worker HSN Description Unit Quantity Value

26 Table 9: Details of goods sent to job-worker and held in his stock on behalf of principal under section 141 9(b) Details of goods held in stock as job worker on behalf of the principal under section 141 Information to be furnished GSTIN of Manufacturer Challan (No. & date ) Type of goods (inputs/ semi-finished/ finished) Details of goods with job- worker HSN Description Unit Quantity Value

27 Table 10: Agent + Principal { 142(14) SGST } 10(a) Details of goods held as agent on behalf of the principal

28 10(b) Details of goods held by the agent

29 Table 11: 142 (11 (c )) { GST + VAT&ST } To be filled by Supplier of Supply

30 Table 11: Sent on approval 6 mon < appointed day {142(12)} Detail of goods sent on approval or return as on appointed day. Transitional provisions relating goods sent on approval basis. [Sec. 142(12)] [Rule 4]

31 GST TRAN 2 Proviso under section 140(3)

32 Table No. Description 1-3 Basic Details 4 Details of inputs held on stock in respect of which he is not in possession of any invoice/document evidencing payment of tax carried forward to Electronic Credit ledger. 5 Credit on State Tax on the stock mentioned in 4 above

33 Table 4 Current Month Claim : CGST

34 Table 4: Details of inputs held on stock- not in possession of any invoice/document evidencing payment of tax Information required to be furnished: Opening stock for the tax period HSN (at 6 digit level) Unit Qty Outward supply made Qty Value Central Tax Integrated Tax ITC allowed Closing balance - Qty

35 Table 5 : mentioned in Table 4 Information required to be furnished: Opening stock for the tax period HSN (at 6 digit level) Unit Qty Outward supply made Qty Value State Tax ITC allowed Closing balance Credit on State Tax on the stock - Qty

36 Table 5 Current Month Claim : SGST To be there only in States having VAT at single point

37 Questions?

38 Thank You