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Highlights of the Press Release

  • TRAN-1 will be available on GSTN portal from 21-08-2017
  • Tax Payers who do not want to claim transitional ITC will have to pay tax and file GSTR-3B by Aug 20, 2017

  • Tax Payers who want to claim transitional ITC

    • Can calculate tax liability after considering transitional ITC
    • Must make full settlement of tax liability by Aug 20, 2017
    • Can file TRAN-1 and GSTR-3B by Aug 28, 2017

It must be noted that since TRAN-1 was not online, tax payers were not able to submit details of transitional input credit. At the same time, GSTR-3B did not have any column to claim set off against such credit.

The relevant Press Release is reproduced

As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed. Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21st August, 2017.

_ In view of this, a small window of opportunity is being given to all the taxpayers. _

For those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3B before the due date of 20th August, 2017.

_The taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after estimating the amount of transitional credit as per Form TRANS I. _

_They have to make full settlement of the liability after adjusting the transitional input tax credit before 20th August, 2017. _

However, in such cases, they will get time upto 28th August, 2017 to submit Form TRANS I and Form 3B.

In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between 21st August, 2017 till the payment of such differential amount.