Deepak Gupta | Sep 9, 2017 |
New FAQs under GST
Returns:
Yes, if registration has been taken, then returns are to be furnished mandatorily even when there is no turnover. Alcoholic liquor for human consumption is dealt by state excise & VAT/CST laws and concerned returns are anyway required under these laws.
This correction can be statement/return to be furnished in next month.
Credit shall be available only i.e. supplier mentions your GSTIN in invoice and charge IGST. It does not matter goods are transported by you i.e. recipient or supplier.
Yes, Credit is available.
Yes, only if invoice mentions your GSTIN.
No Credit is available. These are not under the purview of GST.
Restriction given in section 17(5) applies to motor vehicles which are goods and not for repair and maintenance which is a different supply and classified as services.
No credit available.
Yes.
Credit can be availed basis Bill of Entry. Further, IC of BCD and education cess thereon not available.
Credit is available once banker/telecom operator/railways mention your GSTIN on invoice. Banker Charges ITC is available basis bank statement itself.
Yes, credit is available.
No credit available.
Place of supply shall be Karnataka. Further, credit seems to be available as there appears no restriction.
Tax is to be paid basis reverse charge and credit is not available.
Proportionate credit needs to be reversed.
Taxable or Exempt:
Supply can be of goods or services. Every business transaction i.e. for consideration can fall within this term and accordingly dealt by GST. When you supply goods or services it is called outward supply and when you receive it is called inward supply.
Yes, GST is required to be paid.
As per our view, it is not taxable it is residential premises. Further, if it not taxable, no credit can be availed.
No, there is no GST. However, input tax credit needs to be reversed.
Yes, GST is applicable on both cases on full value. Even per day exemption of Rs.5,000/- for inward supply from unregistered person will not apply here.
It is manufacturing since new product emerges. Therefore, it will taxable as goods.
No GST.
No. Neither is it supply under GST nor a non-GST supply.
Yes, GST is applicable.
No GST.
Yes, GST applicable. However, no GST if relates to pre-school or higher secondary school.
No GST applicable.
Electrical Energy is exempt. No credit is available.
Whether we are required to take registration in both Mizoram and Rajasthan or no registration required
Where a person makes taxable supplies from any of the 11 category states then limit is Rs.10 lacs. Also, Taxable supply includes exempt supplies. Therefore, taxable supply in this case is Rs.11 lacs. Therefore registration is required both in Mizoram and Rajasthan.
Taxable supply turnover is Rs.11 lacs and non-taxable supply 12 lacs. Therefore no registration required considering 20 lacs is exemption limit.
No. It is exempt.
Generally no GST is applicable if it fulfills pure agent rule.
Generally not applicable.
Yes, GST is applicable on business assets. In respect of that one asset, there seems to be no liability.
This rule is applicable only for a person dealing in buying and selling of second hand goods. Person other than a dealer cannot avail this rule.
Discounts known at the time of supply are not taxable. It can be captured on invoice or in a agreement.
Since passing post sale discounts are prohibited, it is not advisable to use credit notes.
No GST applicable.
Yes, GST is applicable. Late delivery charge, penalties in respect of supply are all includible.
Supply received by a domestic unit from a SEZ unit is considered to be imports.
Yes. Reverse Calculation shall apply.
No GST is applicable on salaries to employees.
Yes. No exemption limit available.
No GST is applicable.
Yes, GST applicable on medical stores. For second case its need to be seen whether it is composite supply. If doctors consultation is principal supply, then no GST shall apply.
No.
No tax is applicable as these are exempt.
No. Only sitting fees paid to director which is not considered to be salary is taxable under RCM.
No. GST is not applicable. However credit card charges are taxable.
Yes. GST needs to be paid in that case also.
Key factor to determine whether registration is required is having a fixed establishment from where taxable supplies are made. Where a site office is constructed in West Bengal, registration would be required.
An establishment in India and overseas of a same person is considered to be distinct persons. Therefore, this will not be exports unless Indian entity proves that it is more than just a distinct person.
No, casual taxable person registration required as there is no creation of fixed establishment in Arunachal Pradesh. Charge IGST to company registered in Tripura. Further, Tripura establishment shall IGST charge to A.P. establishment
No. GST not applicable since these are not different persons. Delivery challan to be used.
Reverse Charge
No RCM apply if supply is anyways exempt.
It shall be available in same month. For Ex: If RCM for month of July is paid on 18th August, then this amount can be available for payment of output tax liability for July to be paid on 20th August.
No it has to be paid in cash.
First there is no requirement to register GTA as whole of the tax is paid on reverse charge basis. However, even then registration was taken, RCM for inwards supplies is applicable.
It is taxed at 5% on reverse charge basis and credit is available. However if in Invoice, tax was charged by GTA at 12% then no payment required under RCM.
RCM will be applicable in this case. However, one can take benefit of Rs.5,000/- per day exemption if expenses are booked every day for say Rs.4,000 during the month. However, contract should be amended accordingly.
Yes. Registration would be required and tax payable.
No. Registration not required and no tax payable.
Person making inter-state supply is mandatorily required to be registered. However, even then he is unregistered, then recipient cant take benefit of the same and is required to be paid under RCM.
No. Section 9(3) supplies will not be included for this exemption.
No. GST shall be charged by local authority.
Others:
Yes, switching can be done by filing form GST CMP-04.
No, switching during the financial year is not possible. It can be opted at beginning of financial year (next).
No. IT is available only for restaurant services.
Yes, it is required to be rounded off to nearest rupee. When refund is claimed, it is also rounded off.
No.
Under GST, name as mentioned in PAN card shall be used.
Yes if applicable, TDS can be deducted under both GST and Income Tax as both are different.
If gift vouchers are identifiable then at the time of issuance. If not, then at redemption. Identifiable here means pre-determined goods or services and rate is known (say a mobile phone) against which vouchers can be used.
No.
No adjustment is possible. Refund is to be claimed and correct tax to be paid. No need to pay interest.
HSN is also applicable for services. There is no concept now of SAC.
Consolidated invoice at month end can be raised.
Yes.
It is better to have separate series because return formats require serial no. starting from & ending To.
Yes, scraps have different rates from both the actual goods and other goods scrap.
No.
TDS is not to be deducted on GST on Services component if indicated separately.
Tax rate is 2% (Manufacturing).
5% on value of commission.
Yes.
Regards,
Shivashish Kumar
CA, LLB(P)
Past Senior Tax Consultant- EY & PWC
Shivashish Kumar
[email protected]/9818472772
No part of this article shall be reproduced, copied in any material form (including e-medium) without written permission of CA. Shivashish Kumar.
The information provided is not a substitute for legal and other professional advice. This is only for academic discussions.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
