To help combat the impact of technical glitch, the centre has extended the last date to file the GST TRAN-2 through the GST portal login. The new date up to which taxpayers are now expected to file it is 31st March 2020.
Typically, the form is to be filled in by those taxpayers who are deemed eligible to avail input tax credit in their respective Electronic Credit Ledger.
Dealers avail such credit on those taxes and excise duties of VAT whose tax paying documents are not in their possession.
Notably, to claim such input tax credit successfully registered taxpayers are required to file both TRAN-1 and TRAN-2 GST form. Consequently, users need to become familiar with the steps to file them correctly.
Steps to file GST TRAN-2 through GST portal
For instance, these following highlight how to file GST TRAN-2 through GST portal –
Step 1 – Visit GST’s official portal.
Step 2 – Provide necessary details on GST portal login to continue.
Step 3 – Click on the ‘Services’ menu.
Step 4 – Navigate to ‘Returns’ and click on ‘Transition forms.’
Step 5 – Click on ‘Trans-2’ tab.
Step 6 – Select the relevant year and month.
Step 7 – Click on applicable tiles and provide the necessary information once trade’s name and GSTIN is auto-generated and displayed on the screen.
Step 8 – Click on ‘Add details’ to provide mandatory details and proceed to click on ‘Save.’
Step 9 – Click on the ‘Preview’ option and download it to review the information shared.
Step 10 – Once verified, proceed to click on the ‘Submit’ option.
Step 11 – Click on either of the two options displayed – ‘File with DSC’ or ‘File with EVC.’
Step 12 – Verify it by selecting an authorised signatory.
Notably, to fill-up the form successfully, taxpayers need to fill up their respective TRAN-1 and GSTR-3B of the relevant tax paying period and then proceed with the TRAN-2 form.
Subsequently, by following the steps accurately, taxpayers would be able to complete the process and would be notified about it through a message saying ‘filed’.
Subsequently, an email comprising the Application Reference Number or the ARN on users’ registered email-ID would be sent to them.
By using the information, taxpayers would then be able to gain valuable insight into the total input tax credit claimed. The vital details would be shared in the Electronic Credit Ledger under the header of ‘ITC Allowed.’
It must be noted that only GST registered taxpayers would be permitted to avail input tax credit paid on their purchases and held in stocks on a specific date. Also, the credit offered would be as per the rates of IGST, SGST and GST of the closing stock.
Besides enabling traders to avail their respective input tax credit of a tax-paying year, filing TRAN-2 form also comes in handy for individuals who plan on availing a business loan.
To elaborate, GST documents like GST TRAN-1, TRAN-2, and GSTR 3B forms serve as vital business proof.
Intending borrowers can submit them to leading financial institutions like Bajaj Finserv to complete the process effectively.
Also, this NBFC extends customer privileges like pre-approved offers on their unsecured financial products like personal loans, business loans, etc. which further makes the process less cumbersome.
Nevertheless, make it a point to find out other required documents for a business loan to streamline the process more effectively.
In a nutshell, taxpayers can file for their GST TRAN-2 through the GST portal login easily by following a few simple steps. Notably, they need to keep a few details pertaining to stock valuation, stock quantity and taxation in handy to proceed smoothly.