Author: admin_gst

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

What type of outward supply details are to be filed in the return?
Question 3
Bill
Returns Process and matching of Input Tax Credit
Faq On GST (2nd Edition) Dated 31.3.2017
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 (con

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Who needs to file Return in GST regime?

Who needs to file Return in GST regime?
Question 2
Bill
Returns Process and matching of Input Tax Credit
Faq On GST (2nd Edition) Dated 31.3.2017
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

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What is the purpose of returns?

What is the purpose of returns?
Question 1
Bill
Returns Process and matching of Input Tax Credit
Faq On GST (2nd Edition) Dated 31.3.2017
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 f

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What are the consequences of credit distributed in contravention of the provisions of the Act?

What are the consequences of credit distributed in contravention of the provisions of the Act?
Question 19
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 19. What are the consequences of credit distributed in contravention of the provisions of the Act?
Ans. The credit distributed in contravention of provisions of Act could be recovered from the recipient to which it is distributed along with interest.
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Statute, statutory pr

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Whether the excess credit distributed could be recovered from ISD by the department?

Whether the excess credit distributed could be recovered from ISD by the department?
Question 18
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 18. Whether the excess credit distributed could be recovered from ISD by the department?
Ans. No. Excess credit distributed can be recovered along with interest only from the recipient and not ISD. The provisions of section 73 or 74 would be applicable for the recovery of credit.
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The credit of tax paid on input service used by more than one supplier is ________

The credit of tax paid on input service used by more than one supplier is ________
Question 17
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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

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How to distribute common credit among all the recipients of an ISD?

How to distribute common credit among all the recipients of an ISD?
Question 14
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 14. How to distribute common credit among all the recipients of an ISD?
Ans. The common credit used by all the recipients can be distributed by ISD on pro rata basis i.e. based on the turnover of each recipient to the aggregate turnover of all the recipients to which credit is distributed.
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Statute

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Whether the SGST/UTGST and IGST Credit can be distributed as SGST/UTGST credit?

Whether the SGST/UTGST and IGST Credit can be distributed as SGST/UTGST credit?
Question 13
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 13. Whether the SGST/UTGST and IGST Credit can be distributed as SGST/UTGST credit?
Ans. Yes, ISD can distribute SGST and IGST credit as SGST / UTGST credit for the recipients located in same State.
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Statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Ta

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Whether SGST / UTGST credit can be distributed as IGST credit by an ISD to recipients located in different States?

Whether SGST / UTGST credit can be distributed as IGST credit by an ISD to recipients located in different States?
Question 11
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 11. Whether SGST / UTGST credit can be distributed as IGST credit by an ISD to recipients located in different States?
Ans. Yes, an ISD can distribute SGST /UTGST credit as IGST for the recipients located in different States.
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Statute, statutory provis

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Whether CGST and IGST credit can be distributed by ISD as IGST credit to recipients located in different States?

Whether CGST and IGST credit can be distributed by ISD as IGST credit to recipients located in different States?
Question 10
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 10. Whether CGST and IGST credit can be distributed by ISD as IGST credit to recipients located in different States?
Ans. Yes, CGST credit can be distributed as IGST and IGST credit can be distributed as CGST by an ISD for the recipients located in different St

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What are the provisions for recovery of excess/wrongly distributed credit by ISD?

What are the provisions for recovery of excess/wrongly distributed credit by ISD?
Question 9
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 9. What are the provisions for recovery of excess/wrongly distributed credit by ISD?
Ans. The excess/wrongly distributed credit can be recovered from the recipients of credit along with interest by initiating action under section 73 or 74.
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Statute, statutory provisions legislation, law

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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?

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
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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

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Can an ISD distribute the input tax credit to all suppliers?

Can an ISD distribute the input tax credit to all suppliers?
Question 4
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 4. Can an ISD distribute the input tax credit to all suppliers?
Ans. No. The input tax credit of input services shall be distributed only amongst those registered persons who have used the input services in the course or furtherance of business.
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Statute, statutory provisions legislation, law, enactment, Ac

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What are the documents for distribution of credit by ISD?

What are the documents for distribution of credit by ISD?
Question 3
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 3. What are the documents for distribution of credit by ISD?
Ans. The distribution of credit would be done through a document especially designed for this purpose. The said document would contain the amount of input tax credit being distributed.
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Statute, statutory provisions legislation, law, enactment, Acts,

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What are the requirements for registration as ISD?

What are the requirements for registration as ISD?
Question 2
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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 r

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What is Input Service Distributor (ISD)?

What is Input Service Distributor (ISD)?
Question 1
Bill
Concept of Input Service Distributor in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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 ta

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What is the tax implication of supply of capital goods by a registered person who had taken ITC on such capital goods?

What is the tax implication of supply of capital goods by a registered person who had taken ITC on such capital goods?
Question 34
Bill
Input Tax Credit
Faq On GST (2nd Edition) Dated 31.3.2017
Q 34. What is the tax implication of supply of capital goods by a registered person who had taken ITC on such capital goods?
Ans. The registered person would pay an amount equal to ITC reduced by prescribed percentage point or tax on the transaction value, whichever is higher. But in

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What will be the tax impact when capital goods on which ITC has been taken are supplied by taxable person?

What will be the tax impact when capital goods on which ITC has been taken are supplied by taxable person?
Question 33
Bill
Input Tax Credit
Faq On GST (2nd Edition) Dated 31.3.2017
Q 33. What will be the tax impact when capital goods on which ITC has been taken are supplied by taxable person?
Ans. In case of supply of capital goods or plant and machinery on which input tax credit has been taken, the registered person shall pay an amount equal to the input tax credit taken o

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