GST-Tran-2
What is TRAN-2 in GST and what are the steps for filing the TRAN-2 form on GST Portal?
March 27, 2018
Rule – 71, Repayment of amounts withdrawn
March 27, 2018

Rule – 70, Second withdrawal

70. (1) Save as in sub-rule (2) 85[and sub-rule (3)], a second withdrawal shall not be permitted until the sum first withdrawn has been fully repaid.

87[(2) A withdrawal may be permitted—

(a)   for any purpose specified in clause (d) or clause (e) of sub-rule (1) of rule 68 notwithstanding that the sum withdrawn earlier for any purpose has not been repaid ;
(b)   for any other purpose specified in sub-rule (1) of rule 68 notwithstanding that any sum withdrawn earlier for any purpose specified in clause (d) or clause (e) of the said sub-rule (1) has not been repaid.]

88[(3) A withdrawal, referred to in clause (a) of sub-rule (2), of an amount equal to the difference between the amount of withdrawal admissible under sub-rule (2A) of rule 69 as on the date of application and the amount actually withdrawn by the employee for the purpose specified in clause (d) of sub-rule (1) of rule 68 any time during six years preceding the 3rd day of October, 1981, may be permitted to the employee, whose pay does not exceed rupees 89[five thousand] per month, subject to the following conditions, namely :—

(i)   the employee had availed of the first withdrawal for purchase of a site and now proposes to construct a house on the site so purchased; or
(ii)   the employee had availed of the first withdrawal for making initial payment towards allotment or purchase of a house from any of the agencies referred to in the second proviso to clause (d) of sub-rule (1) of rule 68 and now proposes to withdraw the amount for completing the transaction and for acquiring ownership of the house so purchased; or
(iii)   the employee had availed of the first withdrawal for construction of a house but the said construction could not be completed due to shortage of funds.
 
Reference: www.incometaxindia.gov.in

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