Transition Form 2 or TRANS-2 is filed by those registered taxpayers who are eligible to avail the credit in Electronic Cash Ledger with respect to eligible duties and taxes earlier paid on the inputs under the pre-GST regime. If the taxpayer does not have the invoice or any other document as an evidence of the tax paid, then he needs to declare the same in TRANS-1 followed by the filing of GST TRANS-2.
Details of Inputs held on stock on appointment date in respect of which he is not in possession of any invoice/document evidencing payment of tax carried forward to Electronic Credit Ledger.
This includes the declaration of the sales figures of inputs in case of semi-finished goods/finished goods subject to Excise Duty/Additional Customs Duty and on which ITC has been allowed.
An Important Note:
If the details of inputs held in stock are declared in TRAN-1 form, only then you will be able to enter the details in this tile.
In addition, you also have an option to edit/delete the details provided.
Click on “ADD DETAILS”
Next, enter the details in the mandatory fields and click on “SAVE”.
A detailed explanation of the mandatory fields shown in the image:
Credit on State Tax on the stock (To be there only in states having VAT at a single point)
An Important Note:
You will be allowed to enter data in this tile only if the details of input in stock not supported by documents have been declared in TRAN-1 form.
Tile 2 is meant for stock declaration of the sales figures of inputs in stock used in semi-finished goods/finished goods subjected to VAT at single point system in states like Punjab and the ITC allowed on the same.
You can even edit/delete the details provided.
Next, click on “ADD DETAILS”
Then, fill in the details in the mandatory fields and click on “SAVE”.
After you click on submit, a warning message will be displayed.
Click on “PROCEED” to continue.
As soon as you click on proceed, the status of the TRAN-2 form will be changed to “Submitted”.
A message will be displayed on the screen regarding the successful submission of the TRANS-2 form.
The ARN or the Application Reference Number will be sent to you via email.
The total of ITC claimed in the “ITC allowed” field will be posted to the Electronic credit ledger.
The due date for filing TRAN-2 is approaching i.e. June 30, 2018.
Sol. GST TRAN-2 can only be filed if TRAN-1 has already been filed. Also, if a person fails to file GSTR-3 for that period, TRAN-2 cannot be filed in that case.
Sol. No document is required to be attached along with TRAN-2.
Sol. The details of the supplies made on or after the appointed day for which the duties and taxes have been paid prior to the appointed day in order to claim credit.
Sol. Once submitted, it is possible to amend or edit the details in the TRAN-2. It is filed once in a tax period.
With the implementation of “One Nation One Tax”, a claim of the taxes paid in the pre-GST regime became a matter of concern among the taxpayers. Hence, the government came up with the concept of TRAN Form for the same. This clearly shows how important it is to file the GST TRAN Form for the taxpayers eligible to avail the tax credit.