Wednesday, August 09, 2017

GST Tweets Part V: GST Related FAQs on Transition, UTGST and Others

The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity.

S.No.
Qestions/Tweets Received
Replies
Transition
72.
How do I avail transition credit ?
Transition credit can be availed by filing the respective forms under Transition rules upto 30.09.2017.

Tuesday, August 08, 2017

GST Tweets Part IV: GST Related FAQs on Supply

The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity.

S.No.
Qestions/Tweets Received
Replies
Supply
54.
Should we discharge GST liability for all reverse charge having small amounts of Transaction or any amount limit is there?
It has been decided that Rs. 5000/- per day exemption will be given in respect of supplies received from unregistered person. For supplies above this amount, a monthly consolidated bill can be raised.

Monday, August 07, 2017

GST Tweets Part III: GST Related FAQs on Input Tax Credit, Invoice and Returns

The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity.

S.No.
Qestions/Tweets Received
Replies
Input Tax Credit
39.
Is SGST of Rajasthan charged by supplier on purchase from Rajasthan can be utilize for payment of SGST in Madhya Pradesh?
SGST of one State cannot be utilized for discharging of output tax liability of another State.
40.
How one can use SGST credit for the payment of IGST on another state?
SGST Credit can be used for payment of IGST liability under the same GSTIN only.

Sunday, August 06, 2017

GST Tweets Part II: GST Reated FAQ on Refund, Cess, Composition Scheme, Customs and Exports

The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity.

S.No.
Qestions/Tweets Received
Replies
Refund
28.
I have a pending export refund in Service Tax. What will happen?
Refunds under earlier laws will be given under the respective laws only.
29.
As an exporter, how do I ensure that my working capital is not blocked as refunds?
Appropriate provisions have been made in the law by providing for grant of 90% refund on provisional basis within 7 days from filing of registration.

Friday, August 04, 2017

GST Tweets Part I: GST Registartion Related FAQs

The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity.

S.No.
Qestions/Tweets Received
Replies
Registartion
1.
Does aggregate turnover include value of inward supplies received on which RCM is payable?
Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis.

Wednesday, August 02, 2017

Notice Regarding Balance Sale Value & Invoice Generation in E-Auction

Provision for online payment of Balance Sale Value in E-Auction and auto-generation of serially numbered Invoice against payment is enabled. Therefore Manual invoice for Lot against online BSV payment must not be issued, either by auctioning authority or by stock holder (e.g. IOW, PWI etc.). Please go through the User Manual of Balance Sale Value & Invoice Generation in Learning Center. Users may click here download the User Manual of Balance Sale Value & Invoice Generation. 


IREPS: Indian Railways e-Procurement System