Question . Would the net outstanding amount of unutilised input credit be refunded by the Government? Answer: In terms of the provision of Section 54(3) of the CGST Act, 2017 subject to conditions, refund of unutilized input tax credit would be available in respect of zero rated supply or where ITC has accumulated on account… Read More »
Question : What is the time limit for availing input credit under GST? Answer: As per provisions of Section 16(4) of the CGST Act, 2017 the ITC is not available after the due date of furnishing the return for the month of September of the next year or furnishing of the annual return, whichever is… Read More »
Question : Is ITC available on hiring of immovable properties (land, office, warehouse, processing unit, stock yards) for facilitation of mining operations? Answer: Yes. GST paid on hiring of land, office, warehouse, processing unit, stock yards when these are used in the course or furtherance of business, would be allowed as ITC. Related GST… Read More »
Question : Whether GST is payable on royalty (to be paid to Government) for Mining Lease granted by State Govt. Answer: Yes, on royalty GST will apply under reverse charge mechanism. Further, such payment of GST under reverse charge mechanism would be eligible as ITC in the hands of the recipient of supply for payment of… Read More »
Question : Will GST charged on purchase of all earth moving machinery including JCB, tippers, dumpers by a mining company be allowed as input credit ? Answer: The provision of Sec. 17(5) (a) of the CGST Act, 2017 restricts credit on motor vehicle for specified purposes listed therein. Further, in terms of the provision of… Read More »
Question : It will be difficult to link between “Advance Receipt Voucher” and invoices in case of sales billing on Cash Sale (Rail/Road)/e-Auction etc., especially in case of Rail Cash sale, where purchasers deposit money in advance to the tune of many crores for which lifting of coal has to be made from various loading point… Read More »
Question : In case no supplies are made against an advance, will the dealer have to issue a “refund voucher” only for the advance or for advance including GST? Answer: Refund voucher has to be made for the full value of advance, including the amount of GST. Related GST FAQ GST on Mining Sector… Read More »
Question : How do I show the advance received in GSTR 1 ? Answer: Where against an advance the invoice is issued in the same tax period, the advance need not be shown separately in Form GSTR-1 but the specified details of invoice itself can be directly uploaded on the system. Details of all advances… Read More »
Question : Will the supplier have to issue “receipt voucher” against each advance received? Answer: Yes, as per section 31(3)(d) of the CGST Act, 2017 the supplier has to issue a “receipt voucher” for every advance received. Related GST FAQ GST on Mining Sector : FAQ GST on Handicraft Sector : FAQ 150 GST… Read More »
Question : Will GST be payable at the time of raising an invoice for supply of goods from a mining lease holder or it will be applicable on the amount of advance received by the mining company for booking the order? Answer: No. As per the provisions of section 12(2) of the CGST Act, 2017 the… Read More »