The Goods and Services Tax Network (“GSTN”) has issued an advisory regarding the re-opening of TRAN Forms for claiming Transitional Input Tax Credit (“ITC”).
Background:
The Hon’ble Supreme Court of India vide order dated July 22, 2022 in the matter of Union of India vs. M/s. Filco Trade Centre Pvt. Ltd., SLP(C) No. 32709-32710/2018 have allowed the aggrieved taxpayers to file Form TRAN-1/TRAN-2 to claim the transitional Input Tax Credit (ITC). In compliance of the Hon’ble court’s directive, the facility for filing TRAN-1/ TRAN-2 or revising the earlier filed TRAN-1/TRAN-2 on the GST common portal by aggrieved taxpayers, is now available on GSTN from October 01, 2022 till November 30, 2022.
Attention:
All the aggrieved taxpayers who wish to file or revise TRAN-1/2 are hereby informed that the present process flow of TRAN filing is different from the filing process in the financial year 2017-18. As per the present flow the transitional credit availed by the taxpayer in TRAN-1/2 forms shall be verified by the jurisdictional tax officer before the credit entry is made in the respective ledgers. The TRAN filing process has been improved vis-à-vis previous instance and the user interface of the portal has been made simpler for the taxpayers to file their TRAN-1/2 forms. However, before attempting to file the TRAN forms, the taxpayers should note some important points as mentioned below which would help them in smooth filing of the forms. TRAN-2 form shall be made available only if the taxpayer has filed TRAN-1 and have made declaration in table 7 of TRAN-1. The taxpayer is requested to fill the complete details afresh in case they are revising the earlier filed TRAN-2 Form:
- Points to be Noted
- Access / Navigation to file TRAN-1 / TRAN – 2 Forms
- Guidelines for filing of GST TRAN-1
- Precautions to be taken during TRAN-1/TRAN-2 filing
The Complete Advisory along with screenshots can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Advisory_TRAN1-2_UPDATED_01.10.2022.pdf
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