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What is an ITC Ledger?

What is an ITC Ledger? – Question 13 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 13 – Q 13. What is an ITC Ledger? Ans. Input Tax Credit as self-as

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When is payment of taxes to be made by the Supplier?

Question 6 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 6 – Q 6. When is payment of taxes to be made by the Supplier? Ans. Payment of taxes by the normal tax payer is to be done on monthly basis by the 20th of the succeeding month. Cash payments will be first deposited in the Cash Ledger and the tax payer shall debit the ledger while making payment in the monthly returns and shall reflect the relevant debit entry number in his return. As menti

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What happens if the taxable person files the return but does not make payment of tax?

Question 8 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 8 – Q 8. What happens if the taxable person files the return but does not make payment of tax? Ans. In such cases, the return is not considered as a valid return. Section 2(117) defines a valid return to mean a return furnished under sub-section (1) of section 39 on which self-assessed tax has been paid in full. It is only the valid return that would be used for allowing input tax credit

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Which date is considered as date of deposit of the tax dues – Date of presentation of cheque or Date of payment or Date of credit of amount in the account of government?

Question 9 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. Which date is considered as date of deposit of the tax dues – Date of presentation

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How can payment be done?

Question 5 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. How can payment be done? Ans. Payment can be done by the following methods: (i) Through debit of Credit Ledger of the tax payer maintained on the Common Portal – ONLY Tax can be paid. Interest, Penalty and Fees cannot be paid by debit in the credit ledger. Tax payers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same for payment of out

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What are the Payments to be made in GST regime?

Question 1 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 7. GST Payment of Tax Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and the State/UT GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will

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Who is liable to pay GST?

Question 2 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. Who is liable to pay GST? Ans. In general, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Further, in some notified cases of intra-state supply of services, the liability to pay GST may be cast on e-commerce operators throug

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When does liability to pay GST arises?

Question 3 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 3 – Q 3. When does liability to pay GST arises? Ans. Liability to pay arises at the time of supply of Goods as explained in Section 12 and at the time of supply of services as explained in Section13. The time is generally the earliest of one of the three events, namely receiving payment, issuance of invoice or completion of supply. Different situations envisaged and different tax points h

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What are the main features of GST payment process?

Question 4 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. What are the main features of GST payment process? Ans. The payment processes under GST Act(s) have the following features: • Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan; • Facilitation for the tax payer by providing hassle free, anytime, anywhere mode of payment of tax; • Convenience of m

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Whether post-supply discounts or incentives are to be included in the transaction value?

Question 7 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 7 – Q 7. Whether post-supply discounts or incentives are to be included in the transaction value? Ans. Yes. where the post-supply discount is established as per the agreement which is known at or before the time of supply and where such discount specifically linked to the relevant invoice and the recipient has reversed input tax credit attributable to such discount, the discount is allowed

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What are the inclusions specified in Section 15(2) which could be added to Transaction Value?

Question 10 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. What are the inclusions specified in Section 15(2) which could be added to Transaction Value? Ans. The inclusions specified in Section15 (2) which could be added to transaction value are as follows: a) Any taxes, duties, cesses, fees and charges levied under any statute, other than the SGST/CGST Act and the Goods and Services Tax (Compensation to the States for Loss of Revenue)

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Is contract price not sufficient to determine valuation of supply?

Question 4 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. Is contract price not sufficient to determine valuation of supply? Ans. Contract price is more specifically referred to as transaction value and that is the basis for computing tax. However, when the price is influenced by factors like relationship of parties or where certain transactions are deemed to be supply, which do not have a price, the value has to be determined in accordan

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What is the value of taxable supply to be adopted for the levy of GST?

Question 1 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 6. Valuation in GST Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be the transaction value which is the price paid or payable, when the parties are not related and price is the sole consideration. Section 15 of the CGST/SGST Act further elaborates various inclusions and exclusions from

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What is transaction value?

Question 2 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. What is transaction value? Ans. Transaction value refers to the price actually paid or payable for the supply of goods and or services where the supplier and the recipient are not related and price is the sole consideration for the supply. It includes any amount which the supplier is liable to pay but which has been incurred by the recipient of the supply. – Statutory Provisions, A

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What is the time period within which invoice has to be issued in a case involving continuous supply of goods?

Question 17 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. What is the time period within which invoice has to be issued in a case involving continuous supply of goods? Ans. In case of continuous supply of goods, where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received. – Statutory Provi

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What is the time period within which invoice has to be issued in a case involving continuous supply of services?

Question 18 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 18 – Q 18. What is the time period within which invoice has to be issued in a case involving continuous supply of services? Ans. In case of continuous supply of services, (a) where the due date of payment is ascertainable from the contract, the invoice shall be issued before or after the payment is liable to be made by the recipient but within a period prescribed in this behalf whether or no

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What is the time period within which invoice has to be issued for supply of Goods?

Question 15 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. What is the time period within which invoice has to be issued for supply of Goods? Ans. As per Section 28 of CGST/SGST Act a registered taxable person shall issue a tax invoice showing description, quantity and value of goods, tax charged thereon and other prescribed particulars, before or at the time of (a) removal of goods for supply to the recipient, where supply involves movem

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What is the time period within which invoice has to be issued for supply of Services?

Question 16 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 16 – Q 16. What is the time period within which invoice has to be issued for supply of Services? Ans. As per Section 28 of CGST/SGST Act a registered taxable person shall, before or after the provision of service, but within a period prescribed in this behalf, issue a tax invoice showing description, value of goods, tax payable thereon and other prescribed particulars. – Statutory Provisions

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