CBEC has released Tran 1 and Tran 2 forms to make businesses transition smoothly and carry forward their input tax credit.
The GST TRAN 1 and TRAN 2 forms can be filed by the registered business owner under GST who were already registered under the old laws of indirect tax.
Did you know, What is Tran 1 and Tran 2 form?
Amongst many problems for businesses after the implementation of GST, one is related to the availability of Input Credit (ITC) on old stock. Most of these businesses, who still possess an old stock of supplies, had already paid taxes (VAT and/or Service Tax) under the previous tax regime on the purchases of raw materials and other goods.