All the taxpayers who are all paying the tax under the GST (Good and Services Tax) have already registered their business under this regime because of the suitable turnover limit for the GST registration. The unregistered dealers under GST must have also paid the tax under the previous rule on their purchase of stocks or semi-finished/finished goods.
Those who don’t have invoices/bills for the tax paid on these inputs should need to file TRAN-2. At the same time, they also have to file the form TRAN-1 and GSTR-3B for the appropriate months before filing the form TRAN-2. The taxpayers have to file this form for every month, in which those already existing stocks are sold up to the previous year December, 2017.
Deadline to fill the TRAN-2 form extended:
According to the latest updates, the deadline or last date to fill the TRAN-2 form by the GST taxpayers has been extended now to June 30, 2018. The Central government of India has recently announced that the due date for filing this TRAN-2 form has been extended for the convenience of the taxpayers.
Previously, the government had fixed the CGST rules to fix that the deadline to file this form was March 31, 2018. However, due to the hiccups, the government has now extended that the form TRAN-2 can be filed until June 30, 2018.
This order has been officially issued by the CBEC today and said that the last date for filing the TRAN-2 form has been extended to the taxpayers as per the recommendations of the council. It also said that this extension is mainly to furnish the statement in this GST form TRAN-2 under sub clause, of clause, of sub-rule and of rule 117 of the CGST (Central Goods and Services Tax) rules 2017 till June 30, 2018.
The dealers who were not already registered under this previous announcement period because of the lowest turnover limit for this goods and services tax registration have to register under GST now. It could be the best opportunity to get into this again through this TRAN-2 form to be the valid taxpayers of the country.
How to fill the form TRAN-2:
First of all, the taxpayers should need to visit the official GST portal of the Central Government of India. The following are the successive steps to be followed to fill the TRAN-2 form on the GST portal. It is your significant thing to ensure that your file the GSTR-3B and TRAN-1 forms return of the relevant months before proceeding with these steps.
Step 1 – Initially, you have to log in to the official GST portal.
Step 2 – Click on Services tab – > go to Returns – > then Transition forms.
Step 3 – In this page, you have to click on the TRAN-2 tab – > then select your relevant financial year and month for which you would like to file the form TRAN-2 and click on the given search button.
Step 4 – The information on the GSTIN & legal name or trade name is then auto populated. Besides these details, you will also have two longer blue tiles and you should need to click on the applicable tile in order to fill the details.
In the blue tile, you have to fill the four details of input regarding the stocks on the appropriate date and as well as the invoice/document evidence for the tax payment forward to the e-credit ledger.
This particular section is mainly for getting the stock wise announcement of the sales records of those inputs in the stock or completed goods or semi-finished goods which were matter to the additional customs duty or excise duty and the ITC is permissible on the same under goods and services regime.
The necessary details which you should need to enter in the given fields are the quantity of opening stock, quantity & value of the sales, the integrated tax (IGST) or Central tax (CGST), ITC allowed and also the quantity of the closing stock.
In another blue tile, you have to mention the stock wise details regarding the UT/State tax as same as the previous step.
Step 5 – In this step, you should need to click preview button in order to download the PDF summary for reviewing the correctness of draft before submitting this form.
Step 6 – Once you have reviewed all the details, you can click on the submit button to submit the filled TRAN-2 form in the GST portal.
It is also significant to remember that there is no any other option to revise the form or modify your details once submitted. So, it is very important to review the details twice or thrice to modify or correct anything and then submit it to the GST portal.