Question ID : 31686

JOURNAL ENTRY FOR TRAN 1 CREDIT IN BOOKS

The query is as follows- We have claimed under TRAN-1 of GST, 1)Excise Duty Refund (as per Return filed), 2)Service Tax Refund (as per Return filed) and 3)Counter-veiling Duty on the Stocks (held as on 30th June, 2017) of Imported goods meant for sale in the Indian market, The TRAN-1 credit has been utilized by us against GST (output) collected by us on our Sales effected during the period July, 2017 to March, 2018. The Returns like GSTR-1, GSTR3B, TRAN-1, ITC-04 etc. have been filed by us regularly on the GST portal from time to time, during the period in question. Our questions are like these – i) what entries should be passes in the Books of Accounts in respect of TRAN-1 credit availed and ii) what should be the treatment of the same, under Income-tax.