The Goods and Service Tax Network on 3rd September 2022, has decided to open the common portal for filing transitional credit through Tran 1 and Tran 2 with effect from 1st October 2022, based on the direction of the Supreme Court.
Any business having a closing stock -whether registered or not before GST, will be entitled to claim credit of tax paid under pre-GST regime. To help businesses transition smoothly and carry forward their input tax credit, the CBEC has released 2 transition forms called TRAN 1 and TRAN 2.
