Please confirm if IGST input can be adjusted against output of IGST/CGST/SGST ? Utilization of IGST is as per Section 49(5) of the CGST Act. [ As per Section 49(5)(a): integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central… Read More »
Whether interest paid/ due to be paid on borrowing needs to be reported in any GST return? Yes. Exempt supplies are also 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 other related… Read More »
Whether GST applies on Head office general admin expenses incurred outside India by Head office and allocated to Indian Branch? GST is applicable on supply as defined in Section 7 of the CGST Act, 2017. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions… Read More »
Whether GST applies on reimbursement of employee’s salary by one entity to another, in case of secondment of employee? Depends on the secondement agreement as to what is the nature of relationship between the persons involved. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions… Read More »
If exchange traded/ OTC derivatives, g-sec, commercial paper, Certificate of deposit trading need reporting in GST return? Yes. All nil rated, 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… Read More »
If GST applies on gift by Employer to employee above INR 50,000 when such gift forms part of salary of employee for Income tax. Services by employee in the course of employment is not a supply. Hence salary for the same is not liable to GST. [ Reply as per Twitter Account of Govt of India… Read More »
In case of supplies to SEZ unit, whether Supplier has option to charge IGST to SEZ unit and not to claim IGST refund from Govt? Yes. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied Read other related GST Technical / GST… Read More »
Whether GST applies on lending money by way of discounting of LC or discounting of Bill of Exchange or discounting of invoice? Under exemption list as approved by GST-C (GST Council) , they are exempt only so far as the consideration is represented by way of interest or discount. [ Refer Point No 8 of… Read More »
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 »