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.
According to the proposed tax rates, 5 per cent GST will be levied on garments and apparel of up to ₹1,000, beyond which they will be taxed at 12 per cent. The same rates will also hold true for other readymade apparel such as salwar kurtas, dresses, skirts, tops and jeans.
Forms Required for Transition of Input Tax Credit are Tran 1 and Tran 2. The Form TRAN-1 needs to be filed by every person having closing stock registered under GST, regardless of whether they were registered under the pre-GST regime or not. The criteria for filing here is the presence of closing stock held as on 1st July, and need to claim ITC on this stock.
Provisions under Section 7 of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Scope of Supply”, are as under
Exemption Lists of services has been broadened by inserting services provided by Fair Price Shops to Government and services provided by and to FIFA for FIFA U-17 to the list.
The Central Government vide Notification No. 21/2017-Central Tax (Rate) dated August 22, 2017 has made the following amendments in the list of services exempted via exemption Notification No. 12/2017-Central Tax (Rate) dated June 28, 2017.