Understanding the update on TRAN 1 & TRAN 2 Format, Due Date -Transition of Old Input Credits to GST Regime

In the matter of Filco Trade Centres Pvt Ltd, the Hon'ble Supreme Court of India rendered a decision in favor of the assessee on July 22, 2022, and directed the department to make arrangements for all registered individuals to collect transitional credit from September 1 through October 30, 2022.

Important highlights on it

1. Regardless of whether they have submitted a writ petition with the high court or not, any claimant who feels aggrieved can file the appropriate form or amend one that has already been submitted.

2. By using this service, taxpayers will be able to carry forward any unclaimed input tax credits that they accumulated during the pre-GST tax system as a result of failing to submit Forms TRAN-1 or Tran-2 by the deadline.

3. The GSTN portal will launch so that you can apply for Transitional Credit using Tran 1/ Tran 2.

4. The officials have indeed been given 90 days to investigate the claims and issue orders after providing a fair chance for hearings.

5. In order to operate the window without even any technological issues at this time, the GST Council will announce the SOPs for doing so.