Service Accounting Code
Query (Issue) Started By: – RAI TOMAR Dated:- 16-7-2017 Last Reply Date:- 16-7-2017 Goods and Services Tax – GST
Got 2 Replies
GST
What is the SAC and GST rate of
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taxability of following transaction under gst
Query (Issue) Started By: – tarun verma Dated:- 16-7-2017 Last Reply Date:- 16-7-2017 Goods and Services Tax – GST
Got 1 Reply
GST
respected sir,
please provide me taxability of following transaction under gst
a) Mr. Harish ( Builder ) buys a land and also hire a contractor named Sahil.Sahil buid building on behalf of Harish.all material + labour BILLed in the name of sahil( contractor).Harish only sale flats .
now INPUT tax credit av
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Credit on B2C Transaction
Query (Issue) Started By: – SURYAKANT MITHBAVKAR Dated:- 15-7-2017 Last Reply Date:- 15-7-2017 Goods and Services Tax – GST
Got 2 Replies
GST
We have manufacturing pharma machine and provide free food to our employees. While preparing food we require vegetable which we brought from market or mall. Can we avail credit of GST paid on that. Since the expenses are furtherance to the business.
Reply By KASTURI SETHI:
The Reply:
In my view, it is not in course
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Provisions related to registration in GST regime
GST
Dated:- 15-7-2017
Do you know that as per the GST laws, you are required to take registration on or before 30thJuly, 2017. Don't wait for the last date. Register now.
If you are carrying out any business and have an annual aggregate turnover in the preceding financial year exceeding ₹ 20 lakhs (Rs. 10 lakhs in Special Category States), you need to register in all States/Union Territories from where you are making taxable supplies. However, you need not register if you are engaged exclusively in the supply of exempted goods or services or both.The timelines for applying for registration are as follows:-
Registered under any of the existing law
Migrated
Liable for r
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nd the comfort of the taxpayer has been kept in mind while designing the procedure. You can take registration from the comfort of your home by filing an online application on the common portal https://www.gst.gov.in/.All you need is a valid PAN, email id and a mobile number. Once these 3 details are verified, you will be required to furnish other details relating to your business. There is no need to submit any physical documents (unless a query is raised and documents asked for) and all necessary documents can be scanned and uploaded. If there are no queries, you will receive your registration online within 3 working days from submission of online application.
It's simple. But what will happen if you don't get registered?
More than anyth
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Govt asks businesses to register under GST by July 30
GST
Dated:- 15-7-2017
New Delhi, Jul 15 (PTI) The government today asked traders to get registered under the Goods and Services Tax (GST) regime by July 30.
However, traders with turnover of below ₹ 20 lakh or those engaged exclusively in the supply of exempted goods or services need not register under the new tax regime which has kicked in from July 1.
"As per the GST laws, one is required to take registration on or before July 30, 2017. All traders are requested to register now without waiting for the last date," a finance ministry statement said.
Listing the benefits of getting registered under GST, the ministry said that input tax credit can be passed
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ing all the documents following which GSTIN will be issued.
Those taxpayers who need not register under the GST regime can cancel their registration by July 22. Those who have not migrated but are liable for registration will have to do so by July 22, it added.
For new taxpayers who are not registered under any of the erstwhile tax regimes, they will have to get themselves registered by July 30.
If anytime during the course of the financial year a business crosses the ₹ 20 lakh turnover threshold, then it will have to apply for registration within 30 days from becoming liable for registration.
The finance ministry said if a business has a valid PAN, email ID and a mobile number, then it can file an online application on the common
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Goods and Services Tax – GST – Dated:- 15-7-2017 – There are some reports that GST@18% will be levied on annual subscription/fees charged for lodging in hostels. This is not true. There is no change in tax liability relating to education and related services in the GST era, except reduction in tax rate on certain items of education. 2. It may be mentioned that services provided by an educational institution to students, faculty and staff are fully exempt. Educational institution has been define
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Position regarding applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular
GST
Dated:- 15-7-2017
Doubts have been raised regarding the applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular.
Rule 32(5) of the Central Goods and Services Tax (CGST) Rules, 2017 provides that where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such good
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Provisions related to registration under GST regime; Traders are requested to register now without waiting for the last date i.e. 30th July, 2017
GST
Dated:- 15-7-2017
As per the GST laws, one is required to take registration on or before 30thJuly, 2017. All traders are requested to register now without waiting for the last date.
If one is carrying-out any business and have an Annual Aggregate turnover in the preceding Financial Year exceeding ₹ 20 lakh (Rs. 10 lakh in Special Category States), you need to register in all the States/Union Territories from where you are making taxable supplies. However, one need not register if one is engaged exclusively in the supply of exempted goods or services or both. The timelines
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ion within 30 days from becoming liable for registration
Taking registration in GST is a very simple process, and the comfort of the taxpayer has been kept in mind while designing the procedure. You can take registration from the comfort of your home by filing an online application on the common portal https://www.gst.gov.in/. All one need is a valid PAN, email id and a mobile number. Once these 3 details are verified, one will be required to furnish other details relating to his/her business. There is no need to submit any physical documents (unless a query is raised and documents asked for) and all necessary documents can be scanned and uploaded. If there are no queries, one will receive his/her registration online within 3 working days
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gst rate on sale of scrap
Query (Issue) Started By: – tarun verma Dated:- 15-7-2017 Last Reply Date:- 18-11-2017 Goods and Services Tax – GST
Got 9 Replies
GST
sir,
please provide me gst rate on sale of scrap
1) sale of scrap of steel and iron
2) sale of aluminium
3) sale of waste wood
4) sale of debris, demolished destructive material at construction site. exclude iron and steel
and also describe provision on tds on sale of scrap under gst
Reply By KASTURI SETHI:
The Reply:
Scrap of steel & iron GST @ 18% HSN code 7204
Scrap of Aluminium GST @ 18 % HSN Code 6702
Scrap/waste wood GST @ 5% HSN Code 4401
Reply By CS SANJAY MALHOTRA:
The Reply:
Correction on code of Aluminium Scrap. Please read the same as 7602 .
Re
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SCOPE AND MEANING OF SUPPLY IN GST
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 15-7-2017
Statutory Provisions
Section 7 of CGST Act 2017 provides for scope of supply as under:
(1) For the purposes of this Act, the expression “supply” includes
(a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business;
(b) import of services for a consideration whether or not in the course or furtherance of business;
(c) the activities specified in Schedule I, made or agreed to be made without a consideration; and
(d) the activities to be treated as supply of goods or supply of services as referred to in Schedule II.
(2) Notwithstanding anything contained in sub-section (1),
(a) activities or transactions specified in Schedule III; or
(b) such activities or transactions undertaken by
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y
Supply is the taxable event in GST. The term 'Supply' has been defined in an inclusive manner. The word 'includes' in definition is used to enlarge the meaning of the words or phrases occurring in the body. Thus the specific transactions listed in Section 7 are only illustrative and the definition would be widened to include other similar kind of transactions.
It may be noted that the term 'transfer' used in the definition of supply has not been used in rest of GST law. Whereas the term 'removal' has been defined in the Act but the same has not been included in the definition of supply. The provisions in section 31 in respect of issuance of invoice are in reference to removal. The term 'transfer' included in the definition of 'supply' can be read as including removal also.
The 'barter' is different from 'exchange' only to the extent that in barter goods and/or services are exchanged for goods and/or services. In exchange, goods and/or services besides other goods and/or services
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for hiring of a movable property.
Leasing is a contract by which one party agrees to convey an estate in property to another person for a consideration. The lease could be of immovable property or movable property. In the contract of lease, the ownership is not transferred and is retained by the lessor but the possession and right to use is transferred to the other party called lessee.
Though the terms rental and leasing are used inter-changeably, there is a slight difference in the two. Lease is a contract to rent an asset for a set period of time and for set terms and conditions. Lease is generally for a longer period of time in which both the parties are required to observe terms and conditions of lease provided in the lease agreement.
Disposal means alienate the ownership of the goods. Example: Sharp Limited is a manufacturer of calculators. It decided to donate 1000 calculators to a school. This transaction would be called disposal of calculator (finished goods) by Sharp Limite
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the respective party having monetary considerations will be part of consideration for the purpose of GST.
Any subsidy received from Central or State Government would not be includable in taxable value but subsidy received from any other source which is linked to the product will be part of taxable consideration.
The taxability of deposits will depend on the treatment given to such deposits. In case these deposits are not adjustable, then these will not become part of consideration but in case some kind of adjustments are made in the deposit amount, then such deposit will be considered as advance payment received and would be taxable.
Any transaction of supply of goods and/or services to be taxable should be in the course or furtherance of business. In case the supply is determined not made in the course or furtherance of business, it will not be leviable to GST.
The terms 'commerce' and 'trade' are often used inter-changeably. While commerce refers to large scale business activity
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,000/- in a financial year.
* Supply of goods,-
by a principal to his agent, where the agent undertakes to supply goods on behalf of principal.
* by an agent to his principal, where the agent undertakes to buy such goods on behalf of his principal.
* Importation of services by a taxable person from a related person or any of his establishment outside India, in the course or furtherance of business.
The transactions of supply between a principal and agent and also between two branches of the same person would be considered as a taxable supply. The transactions of stock transfers would become taxable in GST.
In respect of importation of services by a taxable person, it is important to note that the importation of services for a consideration has been considered as taxable supply in section 7(1)(b) and importation of services without consideration from a related person or own establishment located outside India has been considered taxable under Schedule I. Hence, importation of
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presentative or persons holding Constitutional posts.
* Services performed by foreign diplomatic Missions in India.
* Services of funeral, burial, cremation etc.
* Sale of land and building.
* Actionable claims other than betting and gambling
Such services carried out by Central or State Governments or a local authority. It is important to note that the services which are taxable in the hands of other persons would be taxable even if carried out by Government or a local authority.
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Reply By KASTURI SETHI as =
Sir,
Pl. refer to Schedule-III (Sale of land and building). The inclusion of 'sale of land' in the negative list (Schedule-III) is justified. How inclusion of 'building' into this Schedule is justified ? Any building cannot come into existence without construction service. No building can be completed without involving labour and supervision of contractor. The ingredient of providing taxable service from one person to another per
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GST IMPACT ON LIQUOR INDUSTRY
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 15-7-2017
It is a fact that GST which has been introduced in India w.e.f. 01.07.2017 has kept out all forms of alcoholic beverages (e.g. beer, whiskey or wine) out of its ambit and as such anybody would believe that GST will not impact alco-beverages and that alco-beverages may enjoy neutrality so far as taxes are concerned. Simply put, taxes on liquor are going to be same in GST era, as they are at present. But business may not be the same as it is done today as GST would bring in certain compelling changes for alco-beverages industry, impacting the costs and eventually the prices.
Legally speaking, alcoholic beverages meant for human consumption are out of the scope of Goods and Services Tax (GST) net and anybody who knows this would understand that there can not be any new impact, whatsoever, on alco-beverages in GST regime. However, this may not actually happen. Let's l
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s and other inputs) and services which go into the manufacture of liquor may go up and become part of the cost.
This shall invariably happen as taxes would form part of cost. The only exception could be grain spirit and grapes on which GST may not apply. However, another major input, molasses has been placed in highest tax bracket of 28 percent. All other inputs like chemicals, colouring agents and other consumables will also suffer GST of 5-18 percent.
Coming to services, almost all services, right from taking approvals and licenses from the Government to distribution in market would be liable to levy of GST. For example, if you have taken a distillery on lease, that lease will suffer GST. If you produce on job work basis, that job work would be subject to tax. Even assignment of 'brand' by the brand owner on temporary basis for production would be liable to levy of GST. Then costs of production, marketing, distribution, advertisements, cargo handling, packaging, warehousing
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duties and Value Added Tax (VAT) when sold. Thus, the industry would be subject to same taxation as was applicable prior to July 1, 2017.
While this segment of economy continues to reel under existing taxes, they would also be subject to levy of GST on:
* All inputs which are covered under levy of GST,
* Input services which go into rendering of supply of goods or services in relation to alco-beverages, and
* Certain fees payable for licenses and permits to State Government or local bodies which do not form part of taxes on which tax would be payable.
The alco-beverage supplies are effected through licensed shops, bars, permit rooms, restaurants, hotels etc in one or the other form. So far as 'only sale' of liquor or alco-beverages are concerned (say, from shops), the taxation is simple, no GST at all but VAT on full supply value. However, where liquor is served at a place such as bar, restaurant, hotel etc. along with other food and beverages, the taxability may becom
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are different tax rates for food / drinks (18%) and aerated water / drinks (@28% + cess). One would have to decide whether such supplies are mixed supplies (artificially bundled) or composite supplies (naturally bundled).
Sale of liquor from mini bar in a hotel room would be considered as a pure sale and may not be subject to GST but State VAT only.
It would be desirable to conceive bundling of products where tax confusions are best avoided. Also, whenever there is a doubt on taxability or rate of tax, bills or invoices may be better split and tax charged accordingly.
The slogan of 'one market one tax' does not apply to alco-beverages as this sector will continue to live with many taxes (VAT, State Excise and of Course GST on various inputs, input services and capital goods) and have prohibition of 'one market' (as each State will have its own tax laws so far as liquor is concerned). Though one can argue that demand for potable liquor to large extent is income in el
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RCM service tax – GTA June 17 bills
Query (Issue) Started By: – Bhushan Velhal Dated:- 15-7-2017 Last Reply Date:- 15-7-2017 Goods and Services Tax – GST
Got 3 Replies
GST
Dear All,
RCM Service bills dated prior to June 17,but received in July month kindly comfirm GST applicable on those bills or can we pay Service Tax under RCM ,
Pls. proivde also if any notification.
Regards
Bhushan
Reply By HimansuSekhar Sha:
The Reply:
As per rule 7 of pot rules, the date of payment in RCM cases is the point of taxation.if payment in July, pot is not in June. Pot is the deemed date of provision of service. As per transition rules, also refer tweet FAQ, gst is payable.
Reply By KASTURI SETHI:
The Reply:
TIME OF SUPPLY IN CASE OF REVE
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Free of Cost material under GST
Query (Issue) Started By: – SURYAKANT MITHBAVKAR Dated:- 15-7-2017 Last Reply Date:- 16-7-2017 Goods and Services Tax – GST
Got 2 Replies
GST
We are manufacturing of Pharmaceutical Machinery registered under GST Act. In routine course we require to send material for free of cost to our customer.
While sending the FOC material we will charged GST as per law with tax invoice. In this case we are not recovering any cost from our customer also we are co
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SAC for our services
Query (Issue) Started By: – SURYAKANT MITHBAVKAR Dated:- 15-7-2017 Last Reply Date:- 28-7-2017 Goods and Services Tax – GST
Got 2 Replies
GST
We are manufacturing Pharmaceuticals Machinery registered under GST Act. we have provide installation & repairing services to our customers.
We have provide SAC to our customer as below.
Maintenance and Repair Services of Commercial & Industry Machinery 998717
Installation Services of other goods 998739
Please advice
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GST-Pharmaceuticals dealers – information-reg.
C1-24614/16/CT Eoffice 11137/17 Dated:- 15-7-2017 Kerala SGST
GST – States
Kerala SGST
Kerala SGST
PDF DOWNLOAD
=============
Document 1
Office of Commissioner,
Kerala Goods and Services Taxes Department,
Tax Tower, Thiruvananthapuram
C1-24614/16/CT Eoffice11137/17
Dated 15th July 2017
ADVISORY – 2
Sub: GST Pharmaceuticals dealers – information – reg.
As many Pharmaceutical Dealers and their association represented various
matters the following advisory is issued for information and awareness
generation.
1. In earlier VAT system, importers and Manufacturers in Medicines and drugs
are entitled for composition. The rate of compounding is 5% of MRP. The
MRP means maximum price printed on the package of any goods, for
which goods are sold to the ultimate consumer.
2. The subsequent registered dealers are exempted from payment of tax if,
he has purchased medicine from
(a) an importer or manufacturer who had opted
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and diagnostic
test
kits
specified
at
S.No.180
above
and
Formulations
specified at
S.No.181
above,
intended for
personal use.
Other Drugs 12%
and medicines
intended for
personal use
5. Under GST, the Medicine and drug dealers, whose aggregate turnover in
a financial year exceeds Rs 20 lakh has to take registration. “aggregate
turnover” means the aggregate value of all taxable supplies (excluding
the value of inward supplies on which tax is payable by a person on
reverse charge basis), exempt supplies, exports of goods or services or
both and inter-State supplies of persons having the same Permanent
Account Number, to be computed on all India basis but excludes central
tax, State tax, Union territory tax, integrated tax and cess.
6. The following types of Medicine and drug dealers are liable to take
registration even though their aggregate turnover is below Rs. 20 lakhs per
year (as mentioned in point No.5).
Persons making Interstate outward supply.
âšÂ
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intimation in FORM GST CMP-02, duly signed or
verified through electronic verification code, on the common portal,
either directly or through a Facilitation Centre notified by the
Commissioner and shall furnish the statement in FORM GST ITC-03 in
accordance with the provisions of sub-rule (4) of rule 44.
Page 3 of 7
9. Every registered person entitled to take credit of input tax shall, within
ninety days of the appointed day, submit a declaration electronically in
FORM GST TRAN-1, duly signed, on the common portal specifying therein,
separately, the amount of input tax credit of eligible duties and taxes, as
defined in Explanation 2 to section 140, to which he is entitled under the
provisions of the said section.
10. Unlike in VAT regime (The dealer can opt for compounding because, the
turnover of medicines and drugs are not reckoned for composition
purpose), in GST, the registered persons turnover of Medicines and drugs
shall also be taken for computing the aggregate tu
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ure uniformity and clarity to consumers).
Page 4 of 7
13. With regard to availability of Input Tax Credit it is explained in the table
below-
VAT regime
GST regime
Remarks
Registered VAT Dealer
Opting for composition No input tax credit
Compounding dealer
Compounding dealer
Opting for composition No input tax credit
Opting for regular
registered dealer
Registered
dealer
Page 5 of 7
regular Opting for regular
registered dealer
100% ITC is eligible if
goods in stock are
purchased from 1-7-
2016 and duty paid
document
available
are
and
reflected in Returns.
VAT paid will be
eligible for ITC.
Eligible for 40% ITC if no
duty paid document,
and other stipulations
stated above and on
furnishing the stock
details in the FORM GST
TRAN I
100% ITC is eligible if
goods in stock are
purchased from 1-4-
2017 and duty paid
document
available
are
and
reflected in Returns.
VAT paid
will
eligible for ITC.
be
O
Eligible for 40% ITC if no
duty paid docum
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Corrigendum – G.O Ms. No. 01/2017- Puducherry GST (Rate), dated the 29th June, 2017
G.O.Ms. No. 17/CT/2017-18 Dated:- 15-7-2017 Puducherry SGST
GST – States
Puducherry SGST
Puducherry SGST
GOVERNMENT OF PUDUCHERRY
Corrigendum
COMMERCIAL TAXES SECRETARIAT
G.O.Ms. No. 17/CT/2017-18
Puducherry, dated 15.07.2017
CORRIGENDUM
In the notification issued vide G.O Ms. No. 1/2017- Puducherry GST (Rate), dated the 29th June, 2017 of the Commercial Taxes Secretariat, Government of Puduc
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CORRIGENDUM – G.O. Ms. No. 01/2017- Puducherry GST (Rate), dated the 29th June, 2017
G.O.Ms. No. 18/CT/2017-18 Dated:- 15-7-2017 Puducherry SGST
GST – States
Puducherry SGST
Puducherry SGST
GOVERNMENT OF PUDUCHERRY
COMMERCIAL TAXES SECRETARIAT
G.O.Ms. No. 18/CT/2017-18
Puducherry, dated 15.07.2017
CORRIGENDUM
In the notification issued vide G.O. Ms. No. 1/2017- Puducherry GST (Rate), dated the 29th June, 2017 of the Commercial Taxes Secretariat, Government of Puducherry and published in the Extraordinary Gazette of Puducherry, Part-I, No.95, dated 29th June, 2017,-
(i) in Schedule I, in the entry at serial No.35 for “Coffee, whether or not roasted or decaffeinated” read “Coffee roasted, whether or not decaffeinated”
(i
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Mandarins (including tangerines and satsumas); clementines, wilkings and similar citrus hybrids, Grapefruit, including pomelos, Lemons (Citrus limon, Citrus limonum) and limes (Citrus aurantifolia, Citrus latifolia), dried"
(vi) in Schedule II, read “2202 99 10”, in the entry at serial No.47, for “2202 90 10”,
(vii) in Schedule II, read “2202 99 20”, in the entry at serial No.48, for “2202 90 20”,
(viii) in Schedule II, read “2202 99 90” in the entry at serial No.49, for “2202 90 90”,
(ix) in Schedule II, in the entry at serial No.50, for “2202 90 30”, read “2202 99 30”,
(x) in Schedule IV, after the entry at serial No. 163, insert,-
“163A
8701
Road tractors for semi-trailers of engine capacity more than 1800 cc”.
(By order o
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Corrigendum – G.O Ms. No. 02/2017- Puducherry GST (Rate), dated the 29th June, 2017
G.O.Ms. No. 19/CT/2017-18 Dated:- 15-7-2017 Puducherry SGST
GST – States
Puducherry SGST
Puducherry SGST
GOVERNMENT OF PUDUCHERRY
COMMERCIAL TAXES SECRETARIAT
G.O.Ms. No. 19/CT/2017-18
Puducherry, dated 15.07.2017
Corrigendum
In the notification issued vide G.O Ms. No. 2/2017- Puducherry GST (Rate), dated the 29th June, 2017 of the Commercial Taxes Secretariat, Government of Puducherry and pub
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Advisory to trade for issues related to GST Migration and New Registrations.
31 T of 2017 Dated:- 15-7-2017 Maharashtra SGST – Circular
GST – States
Office of the
Commissioner of sales Tax,
Maharashtra State,
8th Flr., Vikrikar Bhavan,
Mazgaon, Mumbai-400010
TRADE CIRCULAR
NO. JCST/Mahavikas/GST Enrollment/2017-18/B-405 Mumbai, Dt. 15/07/2017
Trade Circular No. 31 T of 2017
Subject: Advisory to trade for issues related to GST Migration and New Registrations.
The GST Enrollment process for existing taxpayers from Maharashtra State has been started from 11th November 2016 and New Registration Process on GST Portal has been started from 25th June 2017. In relation to the enrollment and registration process, some queries were raised by the trade. The resolution received for these queries from GSTN is brought to the notice of the trade through this circular.
1) Registration for SEZ units/Verticals of business on Same PAN.
This office has received queries from trade enqu
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This happens when a tax practitioner opens multiple windows on his/her computer in the same browser for different taxpayers. The data while filling up the application form resides in the cache memory of the computer and such mishap happens. In order to avoid such mishaps, all the tax practitioners are hereby advised:
a) NOT to open more than one enrolment or registration case at one time.
b) After completing one case, clear the cache memory of the computer system before initiating second registration/enrolment process.
3) Change of email id and Mobile Number of Primary Authorized Signatory in GST Registration database:
It was already mentioned on GST Portal that, dealers should provide only the e-mail address and mobile number of the primary Authorized Signatory appointed by dealer. All future correspondence from the GST Common Portal will be sent on this registered mobile number and e-mail address only. Tax Practitioners will be given separate username and password by the GST Sys
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n GST Registration database-
1) The dealer who want to change the email id and Mobile Number of authorized Signatory in GST Registration database, will apply in writing for such change to his concerned Nodal Officer in Maharashtra GST Department (MGSTD).
2) The Nodal Officer will confirm that the email id and Mobile Number are of the authorized Signatory and not of any Tax Practitioners
3) On confirmation of the email id and Mobile Number, the Nodal officer will communicate following details on mail id gst.resetme@mahavat.gov.in
a) GSTIN/Provisional Id of the Taxpayer
b) Taxpayer's Name
c) New Mobile Number of Authorized Signatory
d) Email Id of Authorized Signatory
(Please note that, request for change in email id and mobile number received from Nodal Officers through department's mail id (i.e. mahavat.gov.in. mails) will only be considered.)
4) All these requests received from department's mail id will be communicated to GSTN by the office of Deputy Commissioner
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VAT input tax credit in GST
Query (Issue) Started By: – Raman Singla Dated:- 14-7-2017 Last Reply Date:- 15-7-2017 Goods and Services Tax – GST
Got 5 Replies
GST
What will the input tax credit in GST (18%) for VAT @5% ????
e.g. ₹10000/- paid VAT is on books for purchase of 2 lacs…now if sale is made of 2 lacs , GST wil be @15 % = ₹36000/-
How much tax should be deposited ??????
Reply By HimansuSekhar Sha:
The Reply:
Vat will be entered in tran 1 so that it will be
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ITC on GST paid for Railway & Air ticket and hotel bills
Query (Issue) Started By: – MohanLal tiwari Dated:- 14-7-2017 Last Reply Date:- 15-7-2017 Goods and Services Tax – GST
Got 6 Replies
GST
Dear sir/s,
The services of ticketing & hotel are taken by individuals / representatives of the company, kindly advise how to get the booking done in the name and GST number of company for getting credit of ITC.
Reply By Kishan Barai:
The Reply:
At the time of booking , please make sure you enter Company name in IRCTC or Paytm (Air Tickets booking with Cashbacks)
Reply By MohanLal tiwari:
The Reply:
Dear Mr Barai
Thanks for quick reply but the booking through IRCTC is not allowing GST No. of the company.
Reply By KASTURI SETHI:
T
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Advance from foreign customer
Query (Issue) Started By: – MohanLal tiwari Dated:- 14-7-2017 Last Reply Date:- 14-7-2017 Goods and Services Tax – GST
Got 6 Replies
GST
Dear Sir/s,
We are manufacturing tailor made items and taking 20% or 30% advance against Bank Guarantee from customers (including foreign customers) for raw materials procurement. Our Queries are as under :-
1. Whether we should claim advance including proportionate GST and pay GST on receipt of advance against Receipt Voucher.
2. Whether GST will be payable against advances received from foreign buyers also against export orders.
3. Since invoicing is done and advance is adjusted in proportionate to quantity supplied, whether advance will also be adjusted acc
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GST procedural hurdles easing out for exporters: CFBA
GST
Dated:- 14-7-2017
Kolkata, Jul 14 (PTI) – The initial procedural and software glitches of Goods and Services Tax have smoothen a lot, Calcutta Freight Brokers Association said today.
"Initially, there were lot of problems with procedural issues since GST was rolled out from July 1. There were problems in generating shipping bills. But a lot had been eased and now export consignments has also picked up now," Calcut
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Place of Supply
Query (Issue) Started By: – Vishnu Dutt Gupta Dated:- 14-7-2017 Last Reply Date:- 14-7-2017 Goods and Services Tax – GST
Got 2 Replies
GST
Dear Sir,
If any goods cleared from Gujrat (Vendor) to Maharashtra ( Processor) on behalf of Rajasthan ( Manufacturer) as direct delivery & Freight payment liability of person in Rajasthan then what is the place of supply of tax on freight payment (reverse charge).
Rgds,
MJ
Reply By HimansuSekhar Sha:
The Reply:
In my view th
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SAC replace by HSN CODE
Query (Issue) Started By: – SURYAKANT MITHBAVKAR Dated:- 14-7-2017 Last Reply Date:- 14-7-2017 Goods and Services Tax – GST
Got 3 Replies
GST
We have noticed that SAC is replaced by HSN Code. If it is ok any notification is there.
Reply By MADAN RAHEJA:
The Reply:
Service Accounting Code (SAC) is only in respect of services and not in respect of goods. As regards goods, the notifications determining GST rates have made the tariff item, sub-heading, heading
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