Due Date for filing TRAN 2 extended to 31st March

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The Central Government today extended the due date for filing of TRAN-2 by the taxpayers under the Goods and Services Tax (GST) regime.
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For claiming transitional credit under proviso to Sec. 140(3), Tran 2 has to be filed by 31.03.2018 for all six tax periods i.e. July 2017 to December 2017. Rule 117(4) has been amended via Notification No. 12/2018, dated 07.03.2018
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The Government, in this regard, has amended the Central Goods and Services Tax (CGST) Rules, 2018.
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A notification issued by the Government today said that “The registered person availing of this scheme and having furnished the details of stock held by him in accordance with the provisions of clause (b) of sub-rule (2), submits a statement in FORM GST TRAN 2 by 31st March 2018, or within such period as extended by the Commissioner, on the recommendations of the Council, for each of the six tax periods during which the scheme is in operation indicating therein, the details of supplies of such goods effected during the tax period.”
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Many dealers who were not registered under the previous regime have to register under GST due to the low turnover limit for GST Registration. These unregistered dealers may have stock of inputs, semi-finished goods or finished goods as on 1st July 2017 when GST came into force. These taxpayers must have also paid Tax under the previous regime on these purchases. The dealers who do not have bills/invoices for the tax paid on the inputs must file TRAN-2.
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