Frequently asked Questions on GST

Frequently asked Questions on GST

Question   In respect of exports, will GST be directly credited to a/c.or rebate papers have to be filed?

Answer Refund / Rebate application is to be filed after processing of which eligible amount would be directly credited to bank account.

Question   Whether Electricity co. can avail ITC on Dry Fly ash/other taxable goods/services whereas electricity is out of GST

Answer ITC is allowed only if engaged in taxable supplies.

Question Whether invoice to be raised by Head office to branches on salary charges incurred by Head office

Answer   No, services by employee to employer shall be treated neither as supply of goods nor of services.

Question do you know when to expect the final GST return formats and corresponding APIs for the same?

Answer   GST Return forms are likely to be finalized in the 15th GST Council meeting scheduled to be held on 3 June 2017.

Question what will be the position of SSI Exemption Limits on Excise duty now CGST. SSI units are back bone of our Economy

Answer  No separate limit for excise duty exemption in GST. Anybody w aggregate turnover up to Rs.20 lakh (10 lakh in Special Category) is exempt.

Question On formulations GST will be on MRP or at sale price?

Answer  No concept of payment of GST on MRP basis.

Question  Restaurant with annual turnover upto 20lakhs are exempted under GST. Is it correct?

Answer  Anybody with aggregate turnover of up to Rs. 20 lakh (Rs. 10 lakh in Special Category States) is exempt except cases listed in Sec 24, CGST

GSTN alerts taxpayers to beware of looking at similar websites and fake messages on GST Refund

FAQ on GST

The Central Board of Excise and Customs has issue FAQ on GST.  Link

Question  What is the rate of GST for purchase of flat?

Answer  Rate of GST on purchase of flat before completion is 12% of value including value of land.

Question What is GST rate for apparels and readymade garments?

Answer GST Rate for readymade garments and apparels are yet to be finalized by the GST Council.

Question Do registered dealers have to upload sale details of unregistered dealers also in GSTR1?

Answer   Generally not. But required in case of inter-State supplies having invoice value of more than Rs 2.50 Lakhs.

Question  Will there be GST in A& N Islands – previously there was no VAT..?

Answer  Yes. For supplies within A& N, CGST plus UTGST would be leviable

Question What will be the impact of closing stock which has been already paid vat on 1st July?

Answer The supplier would be eligible to carry forward ITC on such stock and would be liable to pay GST when supplied in new regime.

Question What will be the impact of GST on coal? Will the clean energy cess on coal go or stay?

Answer  Clean Environmental Cess on coal will continue in form of GST Compensation Cess.

Question Whether maritime commissioner will be there for rebate and refund on export, in GST regime? If not, how rebate be sanctioned?

Answer    Refund will be sanctioned by the jurisdictional Commissioners of GST.

Question What would be implications of gst for jewellery retailers? At present 1% vat for sale will be diff in GST?

Answer    Rates are yet to be finalized by the GST council

Guidance on GST Refund under inverted duty structure in GST 

We look forward for your valuable comments.

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