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

Question 34 – Draft-Bills-Reports – Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 34 – 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 case of refractory bricks, moulds and dies, jigs and fixtures when these are supplied as scrap, the pe

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

Question 33 – Draft-Bills-Reports – Input Tax Credit – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 33 – 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 on the said capital goods or plant and machinery reduced by the percentage points as may be

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