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TRANSITION

SURESH AGGARWAL
ADVOCATE
MOBILE NO. 9810032846
EMAIL ID: SURESHAGG@GMAIL.COM
WEBSITE: WWW.SURESHTAXATION.COM
1

Whether any ITC Credit


available in Last Return of:
DVAT,
Service Tax ,or
Excise Duty
2

If DVAT Carried Over,


then see whether all central
statutory forms can be
collected within 90 days
from the appointed date i.e.1 st

July 2017.
3

If any ITC carried over of


Capital Goods, Check from
Books of Accounts and
collect the purchase bills of
said capital goods to fill up
the details.
4

As a trader, having stock which


bears excise duty, if duty paid
document is available then
collect duty paid documents for
100% claim, or otherwise
calculate in 60:40 ratio.
5

Collect stock details in the following manner:


 S.No.
 Name of the Item
 HSN Code
 Unit
 Quantity
 Value
 Excise Duty
 Earlier Basic Rate
 Current Basic Rate
6

The stock details required in the


same above columns also for:
 New Dealers like Cloth
Merchants
 Existing Dealers whose item
becomes taxable now like
Footwear Industry
7

For distributing ISD credit


due to Centralized Service
Tax Registration, then collect
ISD Distribution tax invoice
or document.
8

 If you have sent goods to a job worker then following


details are required :
 Name
 Address
 TIN of Job Worker
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
9

 If you are a job worker then principal wise details of


stock are required namely:
 Name,
 Address &
 TIN of Principal
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
10

 If you are a Principal, Consignment Agent, Branch then


following details of stock are required:
 Name
 Address
 TIN of Principal, Agent, Branch
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
11

 If you had sent goods on approval basis then following


details of stock are required:
 Name
 Address
 TIN of stockiest
 Challan No.
 Challan Date
 Description
 HSN Code
 Unit
 Quantity
 Value
12

 TRAN-2 is required to be filled up only in case:


 you are a trader and
 duty paid document is not available and
 duty is claimed in 60:40 ratio
 The following details are required on monthly basis:
 Sales Value
 Quantity
 CST or IGST paid
 ITC Allowed
13

 TRAN-2 is to be filed on monthly


basis in the first six months,
till stock is completely sold.
 Each month’s TRAN-2 can be filed
in the next month.
 TRAN-2 can be filed only after
filing TRAN-1.
14

 TRAN-1 to be filed within 90 days


from the appointed date but ITC
carried over benefit would be
granted only after filing TRAN-1
and hence for claiming credit in
July Return, we have to file it latest
by 20th August.
15

Whether TRAN-1 can be


Revised or not, is yet to
be considered.
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-1
Form TRAN-2
Form TRAN-2
Any Question Please

SURESH AGGARWAL
SURESH
AGGARWAL

SURESH AGGARWAL
MOBILE NO.-9810032846
PPT Available on our website
www.sureshtaxation.com