TRANS 1 FORMAT FOR CLOSING STOCK AS ON 30.06.2017

Dear Sir/Madam

Greetings for the day!

1.Under GST act You will have to deposit tax on Advance Receipts also at the time of receipt of advances. This tax will adjusted at the time when goods are sold and sale/Supply invoice raised.For advance Payment you will have to issue Receipt voucher. In my view to avoid tax on advances you should book the advance amount as Security.

2 As already informed, you are again requested to collect all declaration forms under CST act like C,H,F,I,E1,E2 forms etc for sales upto the period 30-06-2017 from the dealers to whom you have sold goods at concessional rates.otherwise excess tax shown carry forwarded in your VAT return of Quater ending 30-06-2017 will be reduced by the difference amount for which your forms are short.

For Example : Sale amount Rs 100000.00 .Tax On Rs 100000.00 @ 2% Rs 2000.00 as sales against 'C' form. If full rate of tax of this item is 13.125 % then an amount at the rate of 11.25% will be reduced from your carry forwarded excess tax.

Details of these forms have to be filled in GSTR TRAN 1 Form,last date of which is 22-09-2017

3.In trans I form you have to fill the
A) details of your Excess tax carry forwarded in VAT return,

B) Detail of Stock as on 30-06-2017 for claiming Cenvat Credit deemed to be included in your stock even if there are not Excise Paid Invoices (Applicable for dealers who are not manufacturer ) This benefit is subject to the condition that you will have to pass on the benefit of such credit by way of reduced price to the recipient.

C) Invoices on which Excise duty/cenvat etc has been charged and is evident on the invoices.This benefit is available on Capital goods also ( For Manufacturers & Traders Both)

This Benefit is only on the stock which is not older than one year as on 01-07-2017

This will be filled online so prepare details of your stock at the earliest.

GST TRAN-1 form is enclosed

In case you need any other information/ clarification from our end, please feel free to contact.

Best Regards