Question : Can the buyer get input credit on the supply of minerals from a mine owner in composition scheme? Answer: No,the buyer cannot avail of the credit of tax paid by the supplier who is under the composition scheme as the person paying tax under composition scheme cannot issue a tax invoice and collect… Read More »
Question : What is the IGST rate for minerals and ores in case of inter – State supply? Answer: At present, the IGST rate is the sum of CGST and SGST/ UTGST rate. These rates have been notified and are available in public domain. Related GST FAQ GST on Mining Sector : FAQ GST on… Read More »
Question : Can a small Mine Lease holder undertake inter-State supply if it avails composition scheme? Answer: No. If a supplier chooses to avail of composition scheme, he shall not undertake inter-State supply. Related GST FAQ GST on Mining Sector : FAQ GST on Handicraft Sector : FAQ 150 GST FAQ’s Replied by Govt of… Read More »
Question : Should I deposit GST under SGST/ CGST heads separately? Answer: Yes. GST has to be paid separately under CGST and SGST/UTGST by generating a single challan through the common portal under a single return. Related GST FAQ GST on Mining Sector : FAQ GST on Handicraft Sector : FAQ 150 GST FAQ’s Replied… Read More »
Question : What is the GST rate for minerals and ores in Composition Scheme? Answer: In a case where the process amounts to manufacture, the rate of tax will be 1% (CGST) and 1% (SGST/UTGST). In any other case, the rate will be 1⁄2% (CGST) and 1⁄2% (SGST/UTGST). Related GST FAQ GST on… Read More »
Question : Can small mining leaseholders with a turnover less than Rs.75 lacs operate under composition scheme? Answer: As per Sec. 10(1) of the CGST Act, 2017, a registered person whose aggregate turnover in the preceding FY did not exceed Rs.75 lakhs, would be eligible for paying GST under the composition scheme. Related GST FAQ… Read More »
Question : Will credit of duties be available on inputs and inputs contained in semi-finished goods/finished goods lying in stock of an exporter who was not registered under existing laws, as on appointed day of GST ? Answer: Yes, provided the exporter was not liable to be registered under the existing law. Related GST… Read More »
Question : Will an exporter be required to pay GST in case of goods procured from unregistered persons? Answer: In case of supply by an unregistered person, the registered person i.e., exporter shall be liable to pay GST under reverse charge mechanismfor purchases above five thousand rupees in a day. However the exporter can avail… Read More »
Question : Would GST be payable on goods not intended to be sold, taken out for participation in overseas exhibitions and trade fairs and brought back into India as these goods are meant for exhibition only? Answer: GST is not payable in such cases. Exporters will need exhibition participation letter and no foreign exchange… Read More »
Question : Is GST payable on consideration received for sale of scrips? Answer: Yes. Scrips are goods and sale of scrips has to be treated as supply of goods. GST at applicable rate will therefore be payable. Related GST FAQ GST on Handicraft Sector : FAQ 150 GST FAQ’s Replied by Govt of India GST… Read More »