Arjuna (Fictional Character): Krishna, Pitrupaksh is started. In it we remember the memories of our Ancestors. K8So what we are going to do in GST because there is very much trouble for returns?
Krishna (Fictional Character): Arjuna, Yes, we remember the memories of our Ancestors in pitrupaksh. We do worships for them. In GST, old laws subsumed and GST has been made applicable. It means 17 acts like VAT, Service tax, Excise duty, Customs duty etc. are ancestors of the GST. Because of this there is not calmness anywhere. So it is very important to do there worship (remove the difficulties). Similarly, the worship of GST Computerised Network is to be done. Yajmaan Taxpayer is stressed and Panditji (Tax consultant) are in more stress. Because of this method of worship of GST, means technical issue of return, the first return of July, 2017 itself is pending of many taxpayers. It is very much difficult to tell about the next return.
Arjuna: Krishna, what to do for calmness of Excise duty and taking the bless (Credit)?
Krishna: Arjuna, carry forward CENVAT amount of basic excise duty in the excise return of 30th June, 50% un availed credit of capital goods can be taken in Form TRAN-1. If the excise registration number is mentionk6ed in the GST registration, then only credit can be taken. If the Invoice of excise duty paid on the goods which are in the stock as on 30th June then only 100% credit is available. Otherwise 40% or 60% credit available against CGST. Credit will be available only after facing so many difficulties.
Arjuna: Krishna, what to do for calmness of Service tax and taking the bless (Credit)?
Krishna: Arjuna, the amount of carry forward in the service tax return is available for credit. Similarly, if advance service tax is paid then it also can be carry forward in form GST TRAN-1.
Arjuna: Krishna, what to do for calmness of VAT and taking the bless (Credit)?
Krishna: Arjuna, if any amount is carry forward in the VAT return then its credit will be available against SGST. Information relating to all the C form, H form, and F form received from 2015 is to be furnished. In form TRAN-1, the difference between amount carry forward in VAT return and differential liability is to be taken as credit.
Arjuna: Krishna, What lesson the taxpayer should take from this?
Krishna: Arjuna, the worship of ancestors of GST is not yet done. There is not calmness anywhere. The network of GST is also giving trouble and there are so many difficulties in filing return. Therefore many times the date is extending. Immediately the worship of ancestors of GST is to be done otherwise there will be trouble. Pitrupaksh of GST, Taxpayer and Tax consultant are careful and Governmental ignorance will not go. After the worship (sales upload) of GSTR-1 is done, then only in the GSTR-2 blessing (credit of purchase) will be received.
Courtesy : CA Umesh Sharma