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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