Question : Is there any scheme for payment of taxes under GST for small traders and manufacturers? Answer: Yes. Composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs (Rs.50 lakhs for special category States, excluding J&K and Uttrakhand). It is a kind… Read More »
Question : If goods are transported in semi-knocked down condition, when shall the complete invoice be issued ? Answer: When goods are transported in semi-knocked down condition, the complete invoice shall be issued before dispatch of the first consignment. Delivery challan shall be issued for subsequent consignments. Original copy of invoice shall be sent along… Read More »
Question : In case of supply of exempt goods or when tax is paid under Composition Scheme, is the registered person required to issue a tax invoice ? How a bill of supply is different from a tax invoice? Answer: No. In such cases, the registered person shall issue a Bill of Supply and not… Read More »
Question : When should a tax invoice be issued for goods ? Answer: Tax invoice for goods shall be issued on or before the time of removal/delivery of goods. In case of continuous supply of goods, it shall be issued on or before the time of issue of statement of accounts /receipt of payment. GST… Read More »
Question : Is it necessary to issue invoices even if the value of transaction is very low? Answer: A registered person may not issue a tax invoice if the value of the goods/services supplied is less than Rs.200/-, subject to the condition that the recipient is not a registered person and the recipient does not… Read More »
Question : What details are to be contained in a ‘tax invoice’ ? Answer: The tax invoice shall contain details as specified in the rule in this regard ( refer CGST rules 2017 ) . The key details specified in the rules are – name, address and GSTIN of the supplier and the recipient (if… Read More »
Question : Who is liable to issue a ‘tax invoice’ and how many copies are required to be issued? Answer: Every registered person (other than a registered person availing the benefit of composition or a registered person supplying exempted goods or services) supplying goods or services or both is required to issue ‘tax invoice’. Invoice… Read More »
Question : Are all manufacturers necessarily required to be registered under GST ? Answer: No, there is no provision requiring that a manufacturer irrespective of threshold or nature of supply to register himself under GST. For example, a manufacturer dealing only in exempted goods or where his turnover is only intra-State and below Rs. 20… Read More »
Question : In which State will a person be registered ? Answer: A person liable to be registered has to apply for registration in each State from where he makes or intends to make outward supplies under GST. Within each State, generally only one registration is required to be obtained. GST on MSME : FAQ’s… Read More »
Question : Can registration particulars once furnished be amended? Answer: Yes, request for amendment has to be made online. All amendments in registration particulars, except some core fields, can be amended in the system without the intervention of any official by merely filing the details of the amendment. Also for some amendments, approval may be… Read More »