Sale of Products after Introduction of GST On account of implementation of GST there may be instances where the retail sale price printed on pre-packaged commodity is required to be changed. The Department has therefore issued an order according to which, manufacturers/packers/importers of pre-packaged commodities are to declare the revised retail sale price (MRP), by… Read More »
SECTION 220 OF THE INCOME-TAX ACT, 1961 : COLLECTION AND RECOVERY OF TAX – WHEN TAX PAYABLE AND WHEN ASSESSEE DEEMED IN DEFAULT : RECOVERY OF OUTSTANDING TAX DEMANDS : PARTIAL MODIFICATION OF INSTRUCTION NO.1914, DATED 21-3-1996 TO PROVIDE FOR GUIDELINES FOR STAY OF DEMAND AT FIRST APPEAL STAGE OFFICE MEMORANDUM [F.NO.404/72/93-ITCC], DATED 31-7-2017 Instruction No.… Read More »
Question : Caterpillar is a restaurant cum bar in Kolkata. It has successfully migrated to GST. While the first floor area of the restaurant is air conditioned and supplies food as well as liquor, the ground floor serves only food and is non-air-conditioned. Caterpillar wants to know,: (i) Whether they will charge GST @ 12% on… Read More »
Question : I am a whole seller of rice dealing in both branded and un-branded rice. I purchase them locally (i.e. from within the State) and also from outside the State (inter-State purchase). In the last financial year my turnover was Rs 5.5 Crore. Today, I am not registered under VAT.My questions are: (i) Will I… Read More »
Question : Is Atta/Maida/Besan supplied in bulk liable to tax under GST? Answer: Outward supply of these goods if effected without registered brand name is exempt under GST. However , if the outward supply is made under a registered brand name and put up in unit container then it would be liable to tax @ 5%. … Read More »
Question : The supplier has sold machinery for hotel industry on 28-06-2017. The purchaser has received the invoice and machinery on 05-07-2017. Whether ITC of Duty/VAT paid ( under the existing law ) on machinery can be allowed to be claimed ? Answer: No. Such credit is not admissible in case of machinery, being capital goods. As… Read More »
Question : What will be the rate of tax on cold drinks (non-alcoholic beverages ) and ice cream when served in non-AC Restaurant along with food ? Answer: The rate of tax shall be 12 %. In the event of the supply being made in an AC restaurant, the rate of tax shall be 18%. If the… Read More »
Question : Whether the supplier can reduce the tax elements against goods returned to him? Answer: Yes, the person is eligible to reduce the tax liability by issuing credit notes to his recipient for such returned goods subject to the condition that the recipient reduces the claim of ITC to that extent if ITC was availed… Read More »
Question : A registered person is a manufacturer of taxable food items. His factory is in rental premises. Whether this person is eligible to claim ITC on tax charged on the rental amount? Answer: Yes, the person is eligible to claim ITC of tax charged on the rental amount. Related GST FAQ GST on Food Processing Industry… Read More »
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.72/2017-CUSTOMS (N.T.), dated 20th July, 2017, except as respects things done or omitted… Read More »