If discount earned on lending by a bank by way of discounting of LC/ Bill of exchange/ invoice, need reporting in GST return? Yes. Exempted and Non-GST outward supplies are required to be reported at Table 8 of GSTR-1. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read… Read More »
Service provided by Bank located in India to interest bearing deposit a/c holder located outside India attract IGST/CGST+SGST? PoS (Place of Supply) of cross-border Banking services under Section 13(8) of IGST Act is location of supplier of services. Since LoS (Location of Supplier ) and PoS (Place of Supply) are same, it is intra-state supply liable… Read More »
Whether Bill of Supply need to be issued for inter bank purchase/ sale of foreign currency ? Yes, required under Section 31(3)(c). Since it is an exempt supply of service. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied Read other related… Read More »
Whether interest income received/due on Lending of money need to be reported in GST return? Though it is an exempt supply, it gets covered under outward supply as defined under Section 2(83), therefore it has to reported in Table 8 of GSTR-1. [ Reply as per Twitter Account of Govt of India for GST queries of… Read More »
Whether reimbursement of business exp. by registered person to its employee (unregistered) attract GST under reverse charge? No, services by an employee to employer in the course of employment are not treated as supply. Refer Schedule III, CGST Act, 2017. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read… Read More »
Whether bank need to report interest paid/payable to time deposit holder in any GST return/ GST statement? All outward supplies including exempted ones are required to be reported. Summary of such to be reported as required at Table 8 of GSTR-1 [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ]… Read More »
If purchase/sale/redemption of G-securities, T-Bills, Corporate bonds or interest receipt thereon to be reported in GST return? Exempted and non GST outward supplies are required to be reported at Table 8 of GSTR-1 [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied … Read More »
If GST applicable on service provided by bank located outside India where service recepient is account holder located in India? In such cases, PoS (Place of Supply) under Section 13(8), IGST Act is location of supplier of services which is outside India. Hence non taxable. [ Reply as per Twitter Account of Govt of India for… Read More »
Q: In interstate supply registration is compulsory in GST. Whether GST is also leviable even if turnover does not exceed 20 lacs. Yes. Pls refer to section 24 of the CGST Act. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied Read other… Read More »
Q: Can principle send goods to unregistered job work without payment of GST. can he received permission under Section 143 to send goods. Yes, principal can send goods to unregistered person. Pls refer to section 143 of the CGST Act. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other… Read More »