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TRAN 1 and TRAN 2 Forms Under GST – Meaning, Format, Due Date and Filing Procedure

Transition Forms TRAN-1

CBEC has released Tran 1 and Tran 2 forms to make businesses transition smoothly and carry forward their input tax credit.

The GST TRAN 1 and TRAN 2 forms can be filed by the registered business owner under GST who were already registered under the old laws of indirect tax.

Did you know, What is Tran 1 and Tran 2 form?

Amongst many problems for businesses after the implementation of GST, one is related to the availability of Input Credit (ITC) on old stock. Most of these businesses, who still possess an old stock of supplies, had already paid taxes (VAT and/or Service Tax) under the previous tax regime on the purchases of raw materials and other goods. Read More

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Input Tax Credit under GST: ITC Meaning, Rules and Guide with Example

Input Tax Credit Under GST

Amongst the many benefits and positive features of GST, the most important one is the concept of input tax credit under GST.

Want to know about input tax credit meaning, ITC rules, how it works? Read until the end and clear all your questions.

What is Input Tax Credit or ITC under GST?

The Goods & Services Tax (GST) was introduced in India with the promise of removing the cascading effect of indirect taxes. The mechanism of input credit is what will help in this approach. The Input tax credit meaning is that while paying tax on output (sales of goods/services), you can claim the credit for the tax already paid on inputs (purchases). Read More

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