All Questions
Q.
What is the threshold limit for audit under GST?
A.Threshold limit for audit of accounts as specified under sub-section (5) of section 35 is RS 2 crores. ….
How do we get GST input for banking charges? Can the bank give us GST paid invoice for the….
A.For the taxable bank charges the banking company will have to issue a Tax Invoice, charging GST as applicable and business can claim the credit of the same based on the Tax Invoice.Basis our understanding from other GST environments, banks would issue a tax invoice in the form of bank statement which is also in consonance with the concession offered to the bank under Invoicing Rules.
What is the GST rate for wages paid for job work for manufacturing of gold and silver jewellery?
In terms of Notification 11/2017 dated 28.06.2017, the CGST rate for job work in relation to cut and polished diamonds; precious and semi-precious stones; or plain and studded jewellery of gold and other precious metals, falling under Chapter 71 in the First Schedule to the Customs Tariff Act, 1975 (51of 1975); would be 2.5%. Thus the effective GST rate would be 5% (assuming equal SGST rate of 2.5%).
Supply of taxable goods by an unregistered supplier to a registered person is taxable under reverse charge under GST. Is the reverse charges to be paid under different tariff rates for each supply?
Reverse charge will have to be paid at the appropriate rates applicable to the goods that are procured.
I’m a proprietor and own a four wheel car under my personal name for which I’m claiming depreciation,expenses and insurance in my proprietorship firm. Now in the GST era how can I claim insurance premium in my firm.
The question is unclear. If it is in relation to the position under direct taxes post- GST, it may be mentioned that the position of insurance premium will not change after GST introduction.
As a small manufacturer with turnover of around Rs. 60 lac, is it necessary for me to register under GST?
Yes. The threshold below which you are not required to be registered is rupees twenty lakhs.
How to bill from after July 1? We have always maintained our VAT bills manually and have no manpower in the business.
You will have to issue tax invoice for all sales that exceed rupees two hundred in value. Tax invoice is not required to be issued where the value is less than two hundred rupees and the supply is not to a registered person and the customer does not demand a tax invoice. A consolidated invoice covering all such cases is required to be issued at the end of each day. The invoices can be paper invoices but they must meet the requirement of the GST Act and Rules and the specified details will have to be electronically uploaded as prescribed.
What is the GST tax rate applicable on job work?
Job work services in relation to textile, jewelry, precious and semi-precious stones, printing of books and processing of leather shall be taxable @ 5%. Other job work services shall be taxable at the standard rate of 18%.
Can we raise tax invoice for exempt goods also along with taxable goods?
Where a supplier makes a supply of both taxable and exempt supplies in a B2C transaction to the same customer, a single invoice can be issued in relation to the taxable invoice, and details of the exempt supply may also be declared on the same invoice. However, for B2B transactions, there is ambiguity regarding this aspect and it is possible that a separate bill of supply may be required to be issued for exempt supplies.
In my money lending business in Chennai, I accept deposits from public and paying interest. Is GST applicable? Will collecting interest from borrowers also attract GST? If yes, at what rates?
No, services by way of extending deposits, loans, advances, the consideration for which is represented by way of interest or discount are exempt under GST.
How will a pan India book trader be affected by GST given that books are an exempt item?
Since books are exempt under GST, the book trader shall not be eligible to any input credit of GST paid by him on purchase of inputs, input services and capital goods. Therefore, these will be a cost to their business.
How will GST help the economy over-all?
By creating a unified market through amalgamation of a number of Central and State levies, GST is expected to facilitate a seamless movement of goods across states and reduce the transaction costs for businesses. The manufacturing sector would be freed from the cascading effect of taxes, thereby improving the cost-competitiveness of goods and services. Further, uniformity in tax laws, creation of a single window for tax and single date for compliances would further facilitate businesses.
Are e-way bills required when raw material is sent from the office to the factory within the same city, at a distance of a few kilometers? Later the factory sends the semi finished product to the market for final polishing.
As per the draft e-way bill rules released earlier, e-way bills are required to be generated for every transportation of goods where the consignment value exceed INR 50,000. This shall apply to both inter and intra-state movements. Further, where the goods are moved from one conveyance to another during the course of transit, a fresh e-way bill is required to be generated. However, at present, e-way bill rules have been kept on hold and it is expected that further clarity shall be available once the final rules are notified. Till then the existing forms will continue to govern movement of goods.
On import of capital equipment from China, what would the tax liability be?
There would be basic customs duty at rates applicable to the product being imported and an IGST .
If a customer ask for the break up of the prices, will the price be exposed under GST? Â
Yes, the GST has to be disclosed separately, hence the base price will need to be exposed.
I am in thermal lamination job works business for printer’s printed sheets and others par….
A.The job work charges will attract GST at the residual rate of 18%.
Q.
What about the prices of steel @ cement after July 1st? Will they go up or down? Â
A.That would depend also on the demand supply situation for these products after GST introdu….
Q.
What will be the impact of GST on the chemicals’ trading and manufacturing industry? Â
A.There will be a level playing field with un-organised players required to register and pay….
Q.
What will be the impact of GST on the economy?
A.GST is expected to be very good for the economy as it will encourage organized businesses ….
Q.
GST exemption to religious charitable trust for construction, erection, commissioning, rep….
A.As of now no notification has come in force. This needs to be checked once the notificatio….
Q.
With taxes as high as 28%, how will traders make profit? Shouldn’t the taxes on products l….
A.The rates have been decided by GST council looking at the usage and current tax structure,….
Q.
How will GST effect the real estate sector?
A.GST will help the real state sector as lot of credits which were not available to real est….
Q.
We are into the business of air conditioner sales and services. VAT is 14.5% for Sales and….
A.In such case sale of AC to be charged with rate as specified under HSN code list approved ….
Q.
In our grocery shop, we sell 80% pulses and 20% items of the FMGC sector, what will be the….
A.If total turnover of your business is more than 20 lakh during last financial year, then y….
Q.
What is the GST rate for education sector (school admissions and tuition fees)?
A.Education is exempt from GST and there will be no tax charged on such services.
Q.
My client is engaged in manufacturing spinning yarn in Gujarat, as of now, eligible to get….
A.As per GST requirements the assesse is required to charge the complete GST i.e. CGST + SG….
Q.
What type of rent receipt is to be issued as per GST rules? What is the GST rate for rent ….
A.In case rent is charged by a registered person to a registered person then a tax invoice t….
Q.
What will be the GST effect on home loan interest rates?
A.There will be no GST on home loan interest.
Q.
Currently I avail excise benefit in Uttarakhand. What will be the impact after GST?
A.Your product will become taxable and now you will have charge CGST + SGST or IGST on your ….
Q.
How will GST effect the capital markets?
A.GST is not applicable on most components of capital market, hence it will not have direct ….
Q.
I run a small registered newspaper since 1985, should I register my newspaper in GST. If y….
A.It depends on turnover, if your turnover is more than 20 lac then you should register your….
Q.
If a single proprietor dealing in one hotels and automobiles in the same state, can he tak….
A.Yes, since the nature of business are different hence a proprietor can take the separate r….
Q.
As retailers our maximum purchase is from Delhi and a few items from UP and Rajasthan. Our….
A.No as per law if your purchases or sales cover any inter state transactions then you canno….
Q.
Is closing stock supported by VAT invoices, being issued by registered dealers in VAT regi….
A.In your case for the current inventory that you are carrying, if you do not have the excis….
Q.
What happens to the excise paid on the stock of material?
A.In your case for the current inventory that you are carrying, if you do not have the excis….
Q.
We purchase fabric and get it converted into home furnushing items such as curtains and cu….
A.When fabric is purchased the GST would have been charged at a specified percent by seller ….
Q.
The GST rate for garments below Rs.1000 is fixed as 5%. If the MRP of a garment item is mo….
A.In this case, the rate to be charged is 5%.
Q.
How often can an exporter file a refund application?
A.A refund application can be filed by the exporter as may be prescribed under the laws.
Q.
What GST Rate will apply on Dish Wash Bar, Tub and Liquid
A.The GST rate applicable on these products would be 18%.
Q.
How will GST impact the middle class strata?
A.It will have a positive impact on the middle class strata as, many essential goods have be….
Q.
I am a stage 2 dealer under excise and I purchase the goods with excise duty and pass the ….
A.Under Section 140(3) of CGST Act, Second stage dealer can avail the credit excise duty on ….
Q.
We are publishing a registered newspaper/magazine since 1985. The main source of income is….
A.Under GST regime, sale of space for advertisement in print media is taxable at the rate of….
Q.
In an EPC job, we buy several equipment that we do not sell as individual items but as pro….
A.The tax paid on procurement of such equipment would be available as credit.
Q.
What will be the impact of GST on small traders?
A.Small traders will not be required to take any registration under GST if their aggregate t….
Q.
What is the rate of GST on electrical brass components used as raw material in electrical ….
A.GST rate on electrical brass components is likely to be 18%. Exact rate would depend upon ….
Q.
Other than composite mills, textile traders are facing problem of inverted tax structure t….
A.In case of inverted tax structure, the textile traders can consider claiming refund of acc….
Q.
Will GSTN provide the suppliers with a reconciliation data with reasons for mismatch betwe….
A.The mismatch report would only highlight the transactions which do not match. Rest of the ….
Q.
Are the Basic Customs duty rates to change once GST is implemented?
A.No. GST does not affect basic customs duty.
Q.
Under the GST regime what will happen to the duty paid unsold stocks that are more than 6 ….
A.Credit of duty paid on such stock can be taken subject to fulfilling eligibility and other….
Q.
Under GST, can the manufacturer take input of balance excise CENVAT and VAT?
A.Yes. He can, under the respective transitional provisions i.e. Section 140 of the CGST and….
Q.
GST on cotton freight by road transport, will the payment be full ITC?
A.Services of Goods Transport Agency (GTA) will be subject to GST rate of 5% subject to rest….
Q.
What is the last date for registration of GST enrollment?
A.GST registration will re-open on 25th June onward and will continue for 3 months.
Q.
What will be the GST rate for the Pharma companies that are presently operating in excise ….
A.Under GST, same tax rates would prevail for products manufactured by Pharma companies oper….
Q.
Duty credit scrips – export incentives like meis, focus etc, no HSN code appears in the GS….
A.This will need to await further clarifications from the Govt.
Q.
What is the GST rate on revolving chair and HSN code? Â
A.This is a product specific question requiring specific classification to be completed, how….
Q.
Is GST to be paid on free samples given for product trials?
A.Yes, GST is payable on free samples.
Q.
What is the impact of GST on Logistics?Â
A.It would be good as movement of goods across the country would be seamless
Q.
Verticals; what are the basis of deciding that they are different? Â
A.It would depend on the company and its products, but AS 17 can be a good starting point.
Q.
What are the opportunities for the micro small sector under GST? Â
A.They will be able to generate more business if they register and pay GST as large business….
Q.
What is the GTS rate for detergent powder, cake, dish bar and other similar products? Â
A.These are to be taxed at 28%, however specific product classification is recommended
Q.
How will small cinemas with tickets for less than Rs. 100, and annual turnover of Rs 10 la….
A.The threshold limit for GST all over India except North Eastern states is Rs.20 lacs. The ….
Q.
The present service tax on installments to be paid to a builder by a flat owner is 4.5% pl….
A.The onus of service tax arises in case of continuous supply of service such as constructio….
Q.
There is talk of multiple filing of GST returns – 37 annually. Can you explain? What is th….
A.GSTR 1 outlining outward supplies, GSTR 2 outlining inward supplies and GSTR 3 are to be f….
Q.
For providing services, I receive advance payment. If I raise invoice as soon as I receive….
A.The wording of the Act is very clear in this regard. A registered person shall, on receipt….
Q.
What if as a consumer I am not provided a bill, as is case of most stationary and plywood ….
A.GST means every sale has to have a bill (except those exempt items). Ask the vendor for a ….
Q.
For municipal solid waste power plant equipment like boilers, turbines and auxiliaries wha….
A.If the boiler/turbine is movable and not permanently attached to earth, then its construct….
Q.
Can input tax be used while purchasing fixed furniture for the office from a registered de….
A.Yes. Input tax credit can be used when purchasing office furniture from registered dealer ….
Q.
What will be the tax rate for IT consulting services (Manpower Placement and IT outsourcin….
A.18% with full input tax credit.
Q.
As timber traders, under GST, other than GST do we also have to pay Krishi Udpadan Mandi t….
A.Yes. You would need to pay Krisihi Udpadan Mandi tax and forest tax in addition to paying ….
Q.
What is GST rate for detergent bar and cake?
A.Detergents would be taxed at 28% falling under tariff 3402.
Q.
What is the rate of GST to be paid by a buyer purchasing an under construction building?
A.It is a debatable issue. GST rate on construction is 12% and the developers are asking for….
Q.
GST on sugar is 5% when we purchase it from sugar mills. When we pack the sugar in 1 kg-10….
A.The additional procedures undertaken when packing the sugar has not been mentioned. If the….
Q.
I import AC and TVs in CBU from China. Will it get costlier or cheaper after GST get imple….
A.Air conditioners being taxed at 28% under GST is set to become more expensive. Depending o….
Q.
When can an importer dealing in NIL GST product start to apply for a fresh registration? H….
A.Fresh registrations are expected to commence from 25th June, 2017.
Q.
Stock lying on 30.6.17 credit of excise and VAT, will we be eligible for full credit or no….
A.If you are a registered manufacturer, you would be allowed to take full credit of stock wh….
Q.
Why is job work not being treated as internal supplies?
A.Under GST every distinct entity is treated as a separate. Job worker being an independent,….
Q.
What is the registration process for traders not registered in VAT or service tax? How is ….
A.Fresh registrations shall be made in Form GST REG-01. Currently, the portal is due to open….
Q.
Can fabric producers apply for refund of unused input credit under Sec 54 3 (ii) of the CG….
A.No overflow of credit is allowed for the textiles and garments industry. Meaning no refund….
Q.
How will closing stock as on 30 June be carried forward to 1 July? What will be the treatm….
A.There will be no accounting treatment for closing stock carried forward from 30th June to ….
Q.
Can principal manufacturer get finished good manufactured from a job worker by adopting a ….
A.Unlike in Rule 10A, in case of a job work transaction, where the principal manufacturer an….
Q.
We have excess ITC of State VAT due to high percentage of Sales under 2% CST. As refund of….
A.You must opt to carry forward this credit to GST. Once you have done that, SGST can be adj….
Q.
Being a service provider, my annual turnover is below 10L. Do I still have to pay GST?
A.Since your annual turnover is under 20 lakhs, you would be exempt from paying GST unless y….
Q.
Having stock worth approximately Rs.50 lakh on June 30, VAT been paid, how I can get set o….
A.Just make sure you have proper documentation as required under Form GST TRAN 1 and make su….
Q.
VAT has been paid on stock of rupees one lac as on 30 June 2017 at 12.5%. In what period d….
A.No time limit has been prescribed for sale of this stock under GST. You can sell them as p….
Q.
How to put invoice number in invoice? How will the invoice reference number generated? Wha….
A.As per the invoice rules released by GST Council, every GST invoice to mandatorily bear a ….
Q.
What will be the impact of GST on foeign investors?
A.GST regime aims to simplify the indirect tax framework in India and reduce the uncertainti….
Q.
If sale is made in VAT and sales return is made after implementation of GST, how to be pro….
A.In case, goods sold under current regime (not prior than six months from go-live ) are ret….
Q.
What is the GST rate for Ayurvedic Medicine?
A.Generally, ayurvedic products such as medicament are proposed to be taxed at 12% under GST….
Q.
What is the GST rate applicable on match box?
A.- Hand made safety matches (36050010) – 5%- Other matches (3605) – 18%
Q.
Job processing like weaving of fabric from yarn falls under which slab?
A.Job work in relation to Textile Yarns (other than man-made fibre/filament) and textile fab….
Q.
What is the GST rate for briquettes made from agro waste?
A.No specific classification available. Depending on the dominant nature of the agriculture ….
Q.
What tax rate will be applicable for LT copper/aluminium cables ?
A.Copper cables (7413)= 18%. Aluminium cables (7614)= 18%.
Q.
If liability to pay freight is of the recipient and the supplier pays it on his behalf and….
A.If the supplier is paying freight on behalf of the receiver, then the same would be includ….
Q.
We are generating wind energy and supplying to the grid at present. Will this be treated a….
A.Transmission or distribution of electricity by an electricity transmission or distribution….
Q.
How is the GST regime going to impact the OTC industry?
A.By OTC, we assume you mean Over the Counter pharmaceutical industry. We are not sure what ….
Q.
Why there is multiple levy of taxes in GST when the govt says one nation, one market, one ….
A.India is a vast,complex economy. A single rate would not justify the volume and range of p….
Q.
Will there be any abatement in land cost for flats booked? GST seems to have doubled tax i….
A.No abatement for land cost prescribed. However, flat prices are expected to be reduced on ….
Q.
Why is stock clearing necessary before GST comes in and how will the price of existing goo….
A.Stock clearing is not always necessary. It depends on whether the GST rate for your indust….
Q.
How will GST effect a multibrand smartphone and tablet dealer? Stocks amount to Rs 45 lakh….
A.If the question is in relation to GST compliance, we would recommend opting for compositio….
Q.
What will be the GST rate for serving liquor in a bar?
A.The particular service has various sub-categories. You have not mentioned enough informati….
Q.
With regard to transition rules for imported goods, will we be eligible for input tax cred….
A.Input tax credit of both CVD and SAD would be allowed under transition provisions. If you ….
Q.
Can we take input tax credit for investment made on a warehouse building?
A.No input credit allowed on goods or services received by a taxable person on construction….
Q.
Is GST applicable for interstate transfer?
A.Yes. GST is applicable on self transfers in an interstate supply.
Q.
What would be the tax rate for garment processing on job work?
A.Job work in relation to Textile Yarns (other than man-made fibre/filament) and textile fab….
Q.
Whether transfer pricing assessment by TPO will affect the valuations under Import and Exp….
A.The Income Tax Act and Goods and Services Tax are for most part mutually exclusive of each….
Q.
What will be the impact of GST on construction industry, mainly works contract?
A.Now works contract on construction of immovable property shall be treated as a composite s….
Q.
We manufacture goods in Bangalore and supply them to Bawal and Gurgaon. The goods are stor….
A.The same can be continued. GST does not differentiate between use of owned warehouses and ….
Q.
If I sell on e-commerce platform, should the mediator (amazon, flipkart etc) be billed or ….
A.If the consideration is being collected by the e-commerce operator (amazon, flipkart etc) ….
Q.
When can we expect the HSN Code List to be updated by the government?
A.We are hoping the list is updated before 1st July,2017 (date of implementation). However, ….
Q.
In order to get credit under GST, do the expenses incurred on travelling, hotel stays or t….
A.Yes. For Input credit to be availed, tax invoice issued must contain Name, Address and GST….
Q.
What is the GST rate for fire extinguishers?
A.Fire extinguisher has been proposed to be taxed at 28 percent under GST.
Q.
Taxable services(brokerage) is less than 20 lakhs, but services a few NRI clients. In suc….
A.Under GST, brokerage services provided to any NRI by a person located in India qualify as ….
Q.
With respect to VAT, there is a provision for filing revised returns, whereas under GST, t….
A.Under GST, your understanding is correct that there is no provision for revision of GST re….
Q.
Will the increase in tax slab for granite and marble lead to a drop in sales and margin?
A.Increase in rate may not necessarily lead to drop in sales margin since under GST regime t….
Q.
Person A in Mumbai places an order with Person B in Chennai to supply certain goods to Per….
A.Under GST law in case of bill to ship to transactions, place of supply of goods is determi….
Q.
Is it true that a company having head office in one state and currently working with one P….
A.Under GST law, every company has to obtain a GST regime in every State from where supply o….
Q.
Will the rules relating to export of services on execution of bond has been made public?
A.Rules relating to export of services without payment of tax under execution of bond has no….
Q.
Once GST is comes into use, will purchasing from an unregistered dealer be cheaper to the ….
A.An unregistered person would not be allowed to claim input credit of goods and services pu….
Q.
What will be the GST rate applicable on civil contractors?
A.As per GST rate schedules released by GST council, a civil contractor constructing complex….
Q.
As a trading company can we sell a product without payment of GST under a bond to exporter….
A.Under GST, goods and services can be supplied without payment of GST under a bond only in ….
Q.
Is it possible and wise to purchase goods from an unregistered dealer, who does not deposi….
A.Under the GST Law, where any procurements are made by a registered dealer from an unregist….
Q.
Please elucidate on costing under GST.
A.Under the existing indirect tax regime, credit of various taxes/ duties are not available ….
Q.
What will be status of goldsmiths under GST ? Will they be treated as contract manufacture….
A.There is no concept of ‘contract manufacturer’ under the GST Law. Further, ‘job-worker’ h….
Q.
In case of jewellery trading, is purchase of old gold from customers chargeable to GST und….
A.Under the GST Law, where any procurements are made by a registered dealer from an unregist….
Q.
A company has 2 jewellery retail showrooms, one in Delhi and the other in Kolkata. A Delhi….
A.Under GST, both the showrooms in different States would be deemed to be distinct taxable p….
Q.
Is it true that government was planning one tax system for the past 13 years?
A.In 2000, a committee headed by the then West Bengal finance minister Asim Dasgupta was set….
Q.
As an excise registered dealer, can I take the entire excise amount credit on my stock in ….
A.GST law allows a dealer registered under the CGST Act, 2017 to take in his GST electronic ….
Q.
Billing to SEZ units needs to be taxed under GST or HOE?
A.Under the GST Law, supplies made to SEZ would be treated as zero-rated supplies. A person ….
Q.
For export warehouse under existing rule 20 the duty is NIL, can we expect to continue the….
A.As per our understanding of the current GST laws, there is no concept at this stage of an ….
Q.
If we have interstate purchased stock(excise duty 12.5% +cst 2%) during transition, will w….
A.Under current rules the composition scheme cannot be opted for in cases where the supplier….
Q.
By a retail grocery store proprietor, both exempted as well as non exempted goods are sold….
A.Under current rules the composition scheme cannot be opted for in cases where the supplier….
Q.
Does the opening stock need to be sold within 90 days to claim input credit?
A.Any person registered under GST laws should be eligible to take full input tax credit carr….
Q.
How would the stock on which the party has paid CST be affected?
A.Under our understanding of the framework as it stands now, credit of CST is not available ….
Q.
Will GST rates will be applicable on imports also?
A.Yes, GST would be applicable on imports as well as it would subsume CVD and SAD.
Q.
We are merchant trader we purchase from China and export it directly. Whether gst is appli….
A.This would need to be interpreted in terms of the specific contract and the place of suppl….
Q.
Is a Kirana merchant selling both taxable and tax free or zero rated good eligible for com….
A.There is no distinction between taxable and tax free goods in computing the threshold limi….
Q.
What will be the impact on Bullion traders with respect to Input Tax? Please explain in co….
A.Bullion traders would be eligible to claim input tax credit on their purchases and whereve….
Q.
1. In case of a Gold Jewellery Trader, what is the GST Rate on Making Charges portion? ….
A.There is no clarity as yet on the same and it would be better to await clarity on this as….
Q.
What would be the treatment of stock on 30 June, the impact on VAT and excise credit?
A.If the manufacturers invoice is available, then 100% credit would be allowed on the stock ….
Q.
1. We manufacture crude palm oil from palm oil fruit commonly called fresh fruit bunche….
A.”Other oil seeds and oleaginous fruits (palm oil fruit)of other than seed quality of CTH 1….
Q.
We are in the distribution line for two wheeler spare parts, and receive an excise-able in….
A.You would get the full credit of excise duty as reflected in the excise invoice. Based on ….
Q.
A client did not file VAT return from last 2 quarters, and his commodity was exempted unde….
A.Yes in terms of Section 140(3) an assesse is eligible to take credit provided he has tax p….
Q.
Under GST, what does registered brand mean?
A.Under GST law registered brand is not defined till date. While this has been used in rate ….
Q.
What will be the difference between purchase of the same amount of grocery of RS 4000/- on….
A.Purely from a tax perspective, we donât see much impact.
Q.
A company registered in Delhi organises events in multiple states, do it require to regist….
A.No, the company will not be required to take registration in multiple states, provided the….
Q.
Is it better to purchase a car under the Rs 7 lakh right now or after 1st July?
A.The proposed rate of GST for motor vehicles does not vary according to price; there are di….
Q.
If goods like cement, steel etc. are purchased and given to a contractor, what is GST asse….
A.The values of such materials will have to be included for the purpose of arriving at the t….
Q.
What are the tax to be merged and replaced by GST? Which of these are especially relevant ….
A.The taxes merged into and replaced by GST are:-Central levies â¢Central excise dut….
Q.
What will be the implications of GST be on Mutual Fund Advisors?
A.The mutual fund advisors would be liable to GST in a manner similar to the current service….
Q.
What will be the changes in work contract tax after GST is implemented?
A.Under the CGST Act, vide the definition in section 2(119), the definition of works contrac….
Q.
What will the sales return/credit note/debit note process be under GST?
A.The process of sales returns and any changes in the taxable value, tax amount etc. will ha….
Q.
A house was booked from a builder in 2011 and 95 % of the booking amount paid in 2015. As….
A.No, the builder cannot ask for 24% of GST on the amount which as already paid to him, he c….
Q.
In a business of agencies, the closing stock is worth Rs. 10 lac. How will this amount be ….
A.In this case first it needs to determined whether the inventory is owned by agent or by pr….
Q.
How will the Government give refund on closing stock?
A.There is no process of refund any tax credit on closing stock, credits can only be carried….
Q.
If X supplier from Maharashtra is billing to Y, who is also in Maharashtra but delivering ….
A.This is a concept of deemed supply, in this case X will raise an invoice on Y (as bill to ….
Q.
If registered in Gujarat, and the supplier is paying rent in Maharashtra while the landlor….
A.If a taxable person of Gujrat is paying tax in Maharashtra, then assumption is that their ….
Q.
1. Can manufacturers claim ITC on freight paid for raw materials? ….
A.1. Yes, under GST regime a manufacturer can avail the tax credit on freight paid by them.2….
Q.
How much GST (%) should a brand new job portal (read: online media company) should charge ….
A.All kinds of advertising services are kept under 18% tax slab and hence a job portal shall….
Q.
As contractors taking work contracts in various states, should we keep GST accounting stat….
A.Any person operating in more than one state, having turnover of more than 20 lakh in aggre….
Q.
What would be the Deemed Credit Scheme for retailers and traders? We, traders will end up ….
A.As per Transitional credit rules, retailer and traders without any duty paying document, m….
Q.
What will be the position of the existing items’ input credit under GST regime?
A.The GST law allows the transfer of existing input tax credit or CENVAT credit carried forw….
Q.
What and all major changes can be expected after introducing GST?
A.Multiplicity of indirect taxes in India, would be simplified with most of the major centra….
Q.
Is it correct that prior to GST’s applicability there would be a 40-50% discount on electr….
A.The proposed GST rate on most of the electronic appliances is kept at 28 percent. This is ….
Q.
The final products, that are marine windows and doors, have raw materials like steel, alum….
A.Windows and door made of plastic, iron or steel have been proposed to be taxed at 18 perce….
Q.
What would be the GST rates relating to bakery items, veg patties, khari, doughnuts, cream….
A.The GST Council has proposed for a GST rate of 18 percent on most of the bakery items. Th….
Q.
What would be the effect of GST on flour?
A.GST rate is proposed at 5 percent for flour in relation to sold under a brand name in a co….
Q.
What would be the rate of service tax on rent under GST?
A.Renting of immovable property has been proposed to attract 18 percent of tax rate under GS….
Q.
What will be the GST rate applicable on imitation bangles made with iron?
A.The GST Council has proposed a rate of 3 percent on imitation jewelry which also includes ….
Q.
How would GST effect the operations of a tin dealer?
A.A trader registered under VAT as a dealer faces credit restrictions on excise as well as s….
Q.
Will the retail price be exclusive of GST, given that an unregistered dealer cannot charge….
A.Yes, the retail price would be exclusive of GST in case of sales by an unregistered dealer….
Q.
This is regarding credit on closing stocks as on 30-06-2017. How would the input be allowe….
A.For traders, transition rules provide for 60 percent of the credit of central excise duty ….
Q.
What would be the custom duty(for import) of HDD machine for which we are paying 26.5% and….
A.Basic Customs Duty (BCD) levied on imports would be continued to be levied under GST as we….
Q.
How GST will impact the electricity charges either for domestic consumption or commercial ….
A.Service by way of Transmission or distribution of electricity by an electricity transmissi….
Q.
What are the finalised rules on input credit for wholesalers?
A.There are no specific input tax credit rules for wholesalers under GST. A registered perso….
Q.
Regarding excise duty and CST input tax credits; is there tax credit in excise duty and CS….
A.Excise credits can be transitioned to GST. Credit of Central Sales Tax (CST) would not be….
Q.
We have practice of selling our Tea in rural markets through our own van working with read….
A.As per draft rules, E-way bill is required only when the consignment value of goods exceed….
Q.
Are both GST and Central Excise leviable on Tobacco?
A.Excise duty would be levied along with GST (in lieu of VAT) and also compensation cess. T….
Q.
Are doctors/hospitals required to get registered under GST? If no, what happens to the GST….
A.Advance ruling to be filed before the authorities.
Q.
What are the basic advantages of moving from CST to GST?
A.For trade, GST will make for a simpler tax regime, multiplicity of taxes will reduce. It w….
Q.
What could be the likely impact of GST as far as MSME sector is concerned?
A.Presently, MSME sector has been enjoying excise exemption for turnover less than INR 1.5 c….
Q.
It may not be possible for the small scale sector to completely automate the compliances u….
A.The Government has been continuously pressing for automation of compliances under GST with….
Q.
The retail entities may have significant volume of inventory on the date of GST transition….
A.GST law provides for transition of existing tax credits in respect of closing inventory on….
Q.
Whether increase in tax rates as compared to existing service tax or VAT rates should be s….
A.A marginal increase in tax rate for any commodity or service under GST regime vis-Ã -vis e….
Q.
Is there any alternative and simplistic tax payment and compliances mechanism provided for….
A.A composition scheme has been provided under GST law for small taxpayers whose aggregate t….
Q.
GST portal does not seem to be accepting fresh applications for migration of existing regi….
A.GST migration facility has only been temporarily suspended on GST portal. As per a press r….
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