Correction in GST TRAN-1 Form is a huge task now a days because of the technical glitches and/or the request for amendment/ revision/ modification of TRAN1 Form was not allowed.
For those who are facing issues with the correction of GST TRAN-1 and TRAN-2, the Bombay High Court in the case of Ashoka Buildcon Ltd and Others, has recently pronounced a judgment allowing manual filing by the taxpayers.
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.
Form TRAN – 2 can be filed by a dealer/trader who has registered for GST, but was unregistered under the old regime. Such a dealer who does not have a VAT or excise invoice for stocks held by them on 30th June 2017, can use TRAN -2 to claim tax credit on the stock with them.
In the above case, the Bombay High Court has allowed 122 petitioners to file and correct TRAN-1 and TRAN-2 Form. In case it is not possible to file the same on-line, the petitioners can file it manually within a period of three weeks.
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