Q.37 Clarification is sought for the following under GST: Penal Interest on loans and advances Ans Penal interest is a consideration for tolerating an act and it is a supply of service and will be taxable. Related GST FAQ GST FAQ on Composition, Exports, Invoice and Returns , Job Work ,Levy Related Topic on GST Topic… Read More »
Q.35 How a service Provider can get input GST credit benefit in pure labour Contract under Input Credit? Ans He needs to use input for furtherance of business and should fulfill the conditions mentioned in section 16 of CGST Act, 2017. The input should not fall within the negative list provided in section 17(5) of the CGST… Read More »
Q.34 What are the provisions under CGST Act as to the eligibility of CENVAT credit of service tax on invoices which are received after the appointed date for the services received under the service tax regime? Ans ITC is available in terms of section 140(5) of CGST Act, 2017. Related GST FAQ GST FAQ on Composition,… Read More »
Q.33 What will be the Input Credit of newly launched project of building construction after 01.07.2017? Ans ITC is permitted to pay output tax of construction/work contract services. Please see Section 17(5)(c) and (d) of CGST Act, 2017. Related GST FAQ GST FAQ on Composition, Exports, Invoice and Returns , Job Work ,Levy Related Topic… Read More »
Q.30 Since our products are under 0% and we are using various services like telephone, professional charges for which we will be paying GST to our registered service providers and this amount will not be utilized towards any payment of outward goods. Are we eligible for refund on the services obtained and GSTN paid for the… Read More »
Q.29 How should importers take credit of clean energy cess paid on goods lying as stock 30.06.2017? Ans No credit for clean energy cess can be taken. Related GST FAQ GST FAQ on Composition, Exports, Invoice and Returns , Job Work ,Levy Related Topic on GST Topic Click Link GST Acts Central GST Act and States… Read More »
Q.27 Please clarify ITC Credit status for the following condition: On GST Deducted Commission for Distributor registered under GST Taxpayer? Ans Any deductions under TDS/TCS provisions from amount paid or credited to the supplier shall be credited to the electronic cash ledger which can be used for payment of tax. Related GST FAQ GST FAQ on Composition,… Read More »
Q. 25 Please clarify the procedure of availing ITC on Additional Compensation Cess on some products like Tobacco, Coke, Cigarettes. Ans ITC of cess can be used only for payment of cess Related GST FAQ GST FAQ on Composition, Exports, Invoice and Returns , Job Work ,Levy Related Topic on GST Topic Click Link GST Acts… Read More »
Q.24 How can a trader avail ITC while selling goods/services to unregistered/exempted GST traders? Ans The fact that a registered person is supplying goods to an unregistered or exempted person has no consequence on availment of ITC by the supplier. Related GST FAQ GST FAQ on Composition, Exports, Invoice and Returns , Job Work ,Levy Related Topic… Read More »
Q.23 Clarification is sought on the following: Revision in GSTR Returns Ans Mistakes can be corrected in subsequent returns to be filed through amendment Table (For example Table 11 of GSTR-1). Such mistakes can be corrected till the due date for filing of the return for the month of September subsequent to end of the year or… Read More »