TRAN 2 GST Form : Overview and Revised Timelines

About a year back, when India was getting ready to step into the GST era, the subject of input tax credit carried forward from the previous tax regime, was a major cause of concern for most businesses. Understandably, a sizeable amount of tax would have been paid while purchasing inputs, raw materials, semi-finished goods, finished goods or on procuring materials which were sent to the job worker. Also, it was a practical scenario that businesses would be holding some amount of opening stock on 1st July, 2017, and whether the tax credit on such stock will be available or not, was something businesses needed clarity on. In response to this, the government laid down the transition rules and formats, which […]