Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Registration Chapter 3 Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: Legally recognized as supplier of goods or services. Proper accounting of taxes paid on the input… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Levy of and Exemption from Tax Chapter 2 Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act,2016 confers concurrent powers to both, Parliament and State Legislatures to make… Read More »
Whether GST returns have to be filed if the assesse has not effected any inward or outward supply during a tax period? Section 34(8) of Revised Model GST Law of India specifies that the periodical return in Form GSTR-3 – Monthly Return or Form GSTR-4 Quarterly Return for Compounding Taxable person (as the case may be) shall be furnished… Read More »
When should bill of supply be issued instead Tax Invoice under GST ? As per the Revised Model GST Law , Bill of supply should be issued by a supplier in the following cases: The supply is that of exempted goods or services; or The supplier has opted to pay tax under composition… Read More »
I am liable to pay tax on Reverse Charge basis for some purchases which are from unregistered persons. whether I am ( Purchaser) liable to Issue Tax Invoice under GST ? Ans. On the supply of notified goods or services by a person who is unregistered, a Purchase ‘ invoice ‘ is to be raised on the date of… Read More »
What is the effect of Cancellation of GST Registration ? 1. Cancellation of GST Registration in State as well as Center GST Act The cancellation of registration under the CGST Act/SGST Act shall be deemed to be a cancellation of registration under the SGST Act/CGST Act. 2. Taxable Person Liable to Pay In case of… Read More »
What are the Place of Business which the Applicant needs to declare under GST The taxpayer will have to declare the principal place of business as well as the details of additional places of business in the GST registration form. As per Section 2(74) of Revised Model GST Law “place of business” includes (a) a… Read More »
What is the Registration requirements on transfer of a business under GST? As per SCHEDULE V of Revised Model GST Law – The transferee or the successor shall be liable to be registered with effect from such transfer or succession and he will have to obtain a fresh registration with effect from such date. Relevant Extract… Read More »
Is it necessary for the Govt. Department to obtain registration under GST ? As per Section 2(73)(g) of Revised Model GST Law person” includes— any corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 2(45) of the Companies Act, 2013 (18 of 2013); Thus In case the Government… Read More »
Whether the Input service distributor and the recipient situated in different States should have same PAN or different PANs Explanation 2 to Section 21(3) [Manner of distribution of credit by Input Service Distributor] of Revised Model GST Law – Recipient of credit’ means the supplier of goods and / or services having the same PAN as that… Read More »