Posted by : CS K. K. Agrawal Aug 18, 2017



Fact 1
Fact 2
Fact 3
Credit available on closing stock (30-6-2017) can be availed only on filing of TRANS 1 whose last was already fixed as 30-9-2017
Last date of filing of GSTR 3B is 20-8-2017
This last date of 20-8-2017 has been extended till 28-8-2017 only for those assessee who wants to claim ITC on closing stock before 30-9-2017 by filing TRANS 1.




Case 1
Case 2
Output Tax
100
100
Less : Input Tax Credit as per GSTR 3B
80
80
Less : ITC as per TRANS 1
 20
 5
Tax payable in cash
Nil
15

First file TRANS 1 and then GSTR 3B by 28-8-2017
First pay tax of Rs. 15 in cash by 20-8-2017 and then file TRANS 1 by 28-8-2017 and thirdly GSTR 3B by 28-8-2017
OTHERWISE INTEREST @ 18% p.a. payable
Pay tax of Rs. 20 and interest on Rs. 20 w.e.f 21-8-2017 till the date of payment
Pay tax of Rs. 5 and interest on Rs. 5 w.e.f 21-8-2017 till the date of payment



ITC on closing stock.
Available ?
Yes.
Form GSTR 3B filed ?

No
File GSTR 3B by 20-8-2017
Filed
Not Filed



File TRANS 1 by 30-9-2017 and claim credit accordingly
Follow the previos explained procedure if you want to pay tax by filing TRANS 1





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