After a lot of chaos regarding the extended date for GST TRANS-1, the government has finally clarified the date of GST TRANS 1 as 31st October 2017. The government has clarified via notification.
The government took this step with recommendations of the council that the period for submitting the declaration in form GST TRANS -1 till 31st October 2017. Earlier the due date for the form was 28th September.
This decision was taken by the government after the 21st GST council meeting. Right after the meeting, a press note was released stating that date for TRANS -1 has been extended which led to a lot of confusion. Hence this official notification was generated.
What is form GST TRANS-1?
The trans-1 form is for everyone who was registered under a tax prior to GST and wishes to claim the tax credit ITC under GST. If you do not fill the form then you will lose out on the tax benefits and input credits of the old regime.
Hence the TRANS-1 form is to carry forward your input tax credit from the old regime to the present goods and services tax.
Where to fill form TRANS-1
Since the revision in GST - Trans-1 form is being done currently let us guide you in brief about filing the form. Since everything is available online after the inception of GST hence TRANS-1 form is also to be filled on the official website. Firstly you have to open the official website of GST – www.gst.gov.in.
The next step is to log into your account and go to services – returns- transition forms. Here you will reach form TRANS-1
Stay tuned for more updates on GST. If you have any query feel free to email us at email@example.com.