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 dated 21.9.2016 based on Draft Model GST – 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 turnov

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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 dated 21.9.2016 based on Draft Model GST – 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 Interstate 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

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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 dated 21.9.2016 based on Draft Model GST – 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, z

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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 dated 21.9.2016 based on Draft Model GST – Question 2 – Q 2. Who needs to file Return in GST regime? Ans. Every registered taxable person – who crosses the threshold limit for payment of taxes. A supplier needs to be registered when the aggregate turnover crosses Rs. nine lacs but he become taxable person ONLY when he crosses Rs. ten lacs. So he will be required to file returns when he crosses the t

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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 dated 21.9.2016 based on Draft Model GST – Question 1 – 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) Providing necessary inputs for taking policy

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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. (

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. – Question 15 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 15 – Q 15. The credit of tax paid on input serv

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

Question 6 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 6 – Q 6. What are the provisions for recovery of excess/ wrongly distributed credit by ISD? Ans. Sections 18(1) and 18(2) provide for recovery of excess/wrongly distributed credit by initiating action against the ISD itself or against the recipient of credit so distributed under section 51 of the Model GST Law. – Statutory Provisions, Acts, Rules, Regul

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Can a company have multiple ISD?

Can a company have multiple ISD? – Question 5 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 5 – Q 5. Can a compan

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What are the conditions/restrictions for distribution of credit?

Question 3 – Draft-Bills-Reports – Concept of Input Service Distributor in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 3 – Q 3. What are the conditions/restrictions for distribution of credit? Ans. The distribution of credit would be done subject to the following conditions: a) Credit should be distributed through tax invoice or other document as prescribed; b) Amount of credit distributed should not exceed the amount of credit available; c). Credit should be distribute

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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 dated 21.9.2016 based on Draft Model GST – Question 2 – Q 2. What are the requirements for registration as ISD? Ans. An ISD is required to obtain registration as a deemed supplier of services [section 19 read with para 5(vii) of Schedule III]. 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 G

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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 dated 21.9.2016 based on Draft Model GST – Question 1 – Q 1. What is Input Service Distributor (ISD)? Ans. As per Section 2(56) of MGL, ISD means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in S

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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 31 – Draft-Bills-Reports – Input Tax Credit – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 31 – Q 31. What will be the tax impact when capital goods on which ITC has been taken are supplied by taxable person? Ans. As per section 16(15) of the MGL, in case of supply of capital goods on which input tax credit has been taken, the registered taxable person shall pay

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