The Commercial Taxes Department has urged all registered dealers under the Goods and Service Tax (GST) to furnish returns in Form GSTR-3B and those who have not submitted Form GSTR-3B to file Form GST TRAN-1 on or before August 28 for claiming transitional input credit available to them under Section 140 of the GST Act.
A release said that dealers not opting to adjust the transitional credit for payment of taxes for July 2017 should however furnish their return in Form GSTR-3B and pay taxes on or before August 20.
Those dealers who have decided to utilise transitional credit by filing Form GST TRAN-1 should initially compute the tax payable for the month of July 2017 and pay the tax due as per Rule 87 of the GST Rules on or before August 20.
Subsequently, the dealers should file FORM GST TRAN-1 under Rule 117 of the GST rules and then the Form GSTR-3B on or before August 28. If additional amount is due as per Form GSTR-3B, it shall be paid in cash with interest calculated from August 21.
The Department has asked dealers to report accurate and appropriate figures in Form GST TRAN-1. Any transitional credit incorrectly claimed will attract recovery proceedings along with penalty under Sections 73 and 74 of the GST Act.