Q: Sir, Should we issue Self Invoice for GST liability discharge on RCM [ Reverse Charge Mechanism] or GST can be discharge through expenses booking voucher ? Please refer to Section 31 (3)(f) and (g) of the CGST Act 2016. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other… Read More »
Indian Bank invite applications for Empanelment of Concurrent Auditors. Indian bank is in the process of making a “Fresh Panel” for concurrent auditors. Applications are invited from eligible Audit Firms for empanelment as Concurrent Auditors as per the eligibility criteria. Interested Chartered Accountants conforming to the eligibility criteria may send their resume as per format… Read More »
CBDT of India has issued new Notification on Section 10(38) of Income Tax act . This notification shall come into force with effect from the 1st day of April, 2018 and shall accordingly apply to assessment year 2018-19 and subsequent assessment years. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New… Read More »
Q: After GST implementation, whether service tax refund can be made to unregistered person and same can be claimed from department? No. Every registered person under existing law shall have to register under GST. If registered, refund available. Refer to sub-sections (3), (4) and (5) of Section 142 of CGST Act. [ Reply on 03.06.2017… Read More »
Q: will existing excise and VAT credit get carried forwards to GST account ? Yes. Subject to conditions of Section 140 of CGST Act and corresponding SGST Acts. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied
Q: Whether taxable supply includes exempt supply ? Exempt supply as defined in Section 2(47) of CGST Act encompasses within its ambit the whole of non-taxable supply and a part of taxable supply (such as nil rated supply). [ Reply on 03.06.2017 at 4.25 am as per Twitter Account of Govt of India for GST queries of… Read More »
Q: A dealer supplies exempted goods/nil rated goods inter state…turnover 18 lakhs…is he liable for registration ? Person making inter-state taxable supplies liable for registration irrespective of turnover. Nil rated supplies are taxable supplies. Only if exclusively making non-taxable supplies, not liable for registration. [ Reply on 03.06.2017 at 4.26 am as per Twitter Account of… Read More »
Q : For ‘bill to’ ‘ship to’ transactions wherein ship to is to another branch of the same company, what will be the place of supply ? For that transaction, PoS (Place of Supply) is the “bill to” location given that it was shipped to a different location based on the instructions given by the “bill… Read More »
Q: Please clarify about Ad billing from Media owner/Publisher to Client/Ad Agency. Also clarify about ad agency charge GST from client? If services to Govt/Statutory authority/Local authority, PoS (Place of Supply) for advertising services is governed by Section 12(14), IGST Act. If services to any other entity, PoS governed by Section 12 (2). Billing and discharge… Read More »
Q: Sir, whether trucks of transporter moving inter state will be stock transfer of asset. Do we need to pay IGST on every move? If the truck in its capacity as a business asset is transferred to related/distinct person in another state it will amount to stock transfer and IGST is leviable. [ Reply on 03.06.2017… Read More »