The Central Government, on the recommendation of the Goods and Services Tax (GST) Council, extended the period for submitting the declaration in FORM GST TRAN-1 till 31st October, 2017.
TRAN-1 is the form that businesses had to file to claim transitional credit under GST.
Any business having a closing stock -whether registered or not before GST, will be entitled to claim credit of tax paid under pre-GST regime. This claim of ITC is subject to conditions specified in the Act.
TRAN 1 must be filed by the registered persons under GST. However, those registering under GST as composition dealer cannot file such returns.
Read the full text of the Order below.
