Author: admin_gst

What type of outward supply details are to be filed in the return?

Question 3 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 3 – Q 3. What type of outward supply details are to be filed in the return? Ans. A normal registered taxpayer has to file the outward supply details in GSTR-1 in relation to various types of supplies made in a month, namely outward supplies to registered persons, outward supplies to unregistered persons (consumers), details of Credit/Debit Notes, zero rated,

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Whether all invoices will have to be uploaded?

Question 5 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. Whether all invoices will have to be uploaded? Ans. No. It depends on whether B2B or B2C plus whether Intra-state or Inter-state supplies. For B2B supplies, all invoices, whether Intra-state or Inter- state supplies, will have to be uploaded. Why So? Because ITC will be taken by the recipients, invoice matching is required to be done. In B2C supplies

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Whether description of each item in the invoice will have to be uploaded?

Question 6 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 6 – Q 6. Whether description of each item in the invoice will have to be uploaded? Ans. No. In fact, description will not have to be uploaded. Only HSN code in respect of supply of goods and Accounting code in respect of supply of services will have to be fed. The minimum number of digits that the filer will have to upload would depend on his turnover in the

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What is the purpose of returns?

Question 1 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 12. Returns Process and matching of Input Tax Credit Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period; d) Pr

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Who needs to file Return in GST regime?

Question 2 – Draft-Bills-Reports – Returns Process and matching of Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. Who needs to file Return in GST regime? Ans. Every person registered under GST will have to file returns in some form or other. A registered person will have to file returns either monthly (normal supplier) or quarterly basis (Supplier opting for composition scheme). An ISD will have to file monthly returns showing details of credit distributed durin

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The credit of tax paid on input service used by more than one supplier is ________

Question 17 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. The credit of tax paid on input service used by more than one supplier is ________ (a) Distributed among the suppliers who used such input service on pro rata basis of turnover in such State. (b) Distributed equally among all the suppliers. (c) Distributed only to one supplier. (d) Cannot be distributed. Ans. (a) Distributed among the suppliers who use

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Is the ISD required to file return?

Is the ISD required to file return? – Question 7 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 7 – Q 7. Is the ISD required

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Can a company have multiple ISD?

Can a company have multiple ISD? – Question 8 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 8 – Q 8. Can a company have mult

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What is Input Service Distributor (ISD)?

Question 1 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 11. Concept of Input Service Distributor in GST Q 1. What is Input Service Distributor (ISD)? Ans. ISD means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory ta

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What are the requirements for registration as ISD?

Question 2 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. What are the requirements for registration as ISD? Ans. An ISD is required to obtain a separate registration even though it may be separately registered. The threshold limit of registration is not applicable to ISD. The registration of ISD under the existing regime (i.e. under Service Tax) would not be migrated in GST regime. All the existing ISDs will be

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It is not possible many a times to establish a one-to-one link between quantum of input services used in the course or furtherance of business by a supplier. In such situations, how distribution of ITC by the ISD is to be done?

Question 5 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. It is not possible many a times to establish a one-to-one link between quantum of input services used in the course or furtherance of business by a supplier. In such situations, how distribution of ITC by the ISD is to be done? Ans. In such situations, distribution would be based on a formula. Firstly, distribution would be done only amongst those recipie

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