Due date of TRAN-1 was originally decided by council at 60 days from the date of applicability of GST act. However, as huge number of tax payers were not able to cop with system of GST, date was extended to 31st October, 2017.
Inspite of over 4 months lapse from the applicability of GST, Tax payers and consultants are facing lots of difficulties for filing GST returns. Hence TRAN-1 date is once again extended to 30th November, 2017.
What is TRAN-1?
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 credit is to be carried forward to GST regime via filing TRAN-1 on GST portal.