The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing the Form GST TRAN-1.
The board has extended the time limit for submitting the declaration in Form GST Tran-1, under Rule 117(1A) of the CGST Rules, 2017 for such class of registered person who could not submit the declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the council, till March 31, 2020.
Form TRAN-1 should be filed by every person having ITC on closing stock and migrated to GST form VAT, Service Tax, or Central Excise. The balance of closing stock held by a business as on 1st July 2017 has to be disclosed in TRAN-1 to claim ITC on the old stock in the GST regime.
Any business having a closing stock -whether registered or not before GST, will be entitled to claim credit of tax paid under the 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.
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