Goods and Services Tax – General FAQ on GST – Frequently Asked Questions – 170818-03 – Question 1 : Whether advertising and communication material (banners/hoardings/posters) provided to distributors would be treated as supply in the course of business by the company thereby not requiring any reversal of ITC. Answer : (a) Where the material is provided free of cost : This would not amount to a supply and hence no tax is payable on such transaction and in such a case credit availed by the company would need to be reversed in accordance with section 17(5) of the CGST Act, 2017. (b) Where the material is provided for a consideration : This would amount to a normal supply. Question 2 : Currently Banks do not pay any VAT on import of
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
provides that bringing into India of any goods from any place outside India is an import of the goods. What is material in this definition is the mere act of bringing into India; the ownership is not material for determining whether an import has taken place. Banks, being registered entities, would be liable to pay IGST on such imports but not the overseas entities since they are not effecting the import. Question 4 : Gold and silver imported by banks/nominated agencies on consignment basis are lying in stock as on 1st July. Clarification is required on how to charge the customers in transition phase from VAT to GST. Will customers be liable to pay GST rates? Answer : GST is payable @ 3% with effect from 1-7-2017. Question 5 :&ems
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
the maturity date of the Gold Loan. Banks must be allowed to set-off the excess provisional GST paid to the government against future fixation of prices. In case of excess payment, the same should be refunded on Pan – India basis and not on the basis of States. Answer : Banks may claim refund in accordance with the provisions of section 54 of the CGST Act, 2017. Interest is payable in such cases as provided in section 56 of the CGST Act, 2017. In this connection, section 60(5) of the CGST Act, 2017 may be referred to. Question 7 : When we are selling Gold, Diamond or Silver Jewellery to the end consumer (Customer) like a Gold Chain weighing 10gm at a total value of ₹ 30,000/- (gold value is ₹ 28000/- and making charge
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =