Common GST Enrollment Problems & Solution
GST Enrollment Problem & Solution HSN Code : Please use the link for HSN – http://www.cbec.gov.in/htdocs-cbec/excise/cxt-2016-17-new/cxt-1617-june16-idx
Tag Archives: GST Questions
whether IGST input can be adjusted against output of IGST/CGST/SGST
Please confirm if IGST input can be adjusted against output of IGST/CGST/SGST ? Utilization of IGST is as per Section 49(5) of the CGST Act. [ As per Section 49(5)(a): integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central… Read More »
GST reporting of interest paid/ due to be paid on borrowing
Whether interest paid/ due to be paid on borrowing needs to be reported in any GST return? Yes. Exempt supplies are also required to be reported at Table-8 of GSTR-1. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied Read other related… Read More »
GST applicability on expense reimbursement by Indian Branch to HO outside India
Whether GST applies on Head office general admin expenses incurred outside India by Head office and allocated to Indian Branch? GST is applicable on supply as defined in Section 7 of the CGST Act, 2017. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions… Read More »
GST Applicability on secondment employee salary reimbursement
Whether GST applies on reimbursement of employee’s salary by one entity to another, in case of secondment of employee? Depends on the secondement agreement as to what is the nature of relationship between the persons involved. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions… Read More »
GST reporting of exchange traded / OTC derivatives, g-sec, commercial paper, Certificate of deposit trading
If exchange traded/ OTC derivatives, g-sec, commercial paper, Certificate of deposit trading need reporting in GST return? Yes. All nil rated, exempted and non GST outward supplies are required to be reported at Table 8 of GSTR-1. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related… Read More »
GST Applicability on Gift by Employer to Employee above Rs 50000
If GST applies on gift by Employer to employee above INR 50,000 when such gift forms part of salary of employee for Income tax. Services by employee in the course of employment is not a supply. Hence salary for the same is not liable to GST. [ Reply as per Twitter Account of Govt of India… Read More »
Supplies to SEZ unit – option to Charge IGST and no to claim refund
In case of supplies to SEZ unit, whether Supplier has option to charge IGST to SEZ unit and not to claim IGST refund from Govt? Yes. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read Other related GST Questions / Queries replied Read other related GST Technical / GST… Read More »
GST Applicability on Lending of money by way of Discounting of LC / Bill of Exchange
Whether GST applies on lending money by way of discounting of LC or discounting of Bill of Exchange or discounting of invoice? Under exemption list as approved by GST-C (GST Council) , they are exempt only so far as the consideration is represented by way of interest or discount. [ Refer Point No 8 of… Read More »
GST Reporting of discount earned by Bank on LC / Bill of Exchange
If discount earned on lending by a bank by way of discounting of LC/ Bill of exchange/ invoice, need reporting in GST return? Yes. Exempted and Non-GST outward supplies are required to be reported at Table 8 of GSTR-1. [ Reply as per Twitter Account of Govt of India for GST queries of Taxpayers ] Read… Read More »