- When does the tax liability arise under GST in respect of ‘supply of goods’?
Ans :- In the event of supply of goods, the earlier of the following:
- Date of Issuance of Invoice
- Date of receipt of payment by the supplier
- When does the tax liability arise under GST in respect of supply of service?
Ans :- In the event of supply of services, earliest of the following:
- Date of issuance of invoice or date of payment, whichever is earlier, if the invoice is issued within prescribed time.
- If the invoice is not issued within prescribed time, date of provision of service or date of payment, whichever is earlier.
- In all the other cases, the date on which the recipient shows the receipt of services in his books of account.
- Can we use provisional GSTIN or do we get new GSTIN? Can we start using provisional GSTIN till new one is issued?
Ans :- Provisional GSTIN (PID) should be converted into final GSTIN within 90 days. Yes, provisional GSTIN can be used till final GSTIN is issued. PID & final GSTIN would be the same.
- Who can opt for Composition Scheme under GST?
Ans:- Dealer with aggregate turnover not exceeding Rs. 75 Lakhs may opt for composition scheme under GST.
- What is the last date by which a dealer is required to issue Debit / Credit Note?
Ans:- Earlier of the two dates :-
- On or before Sept 30, following the end of Financial Year.
- The date of filing of the relevant annual return.
- What is the impact if a registered dealer supplies Goods / Services to an un-registered dealer?
Ans:- A registered dealer is required to issue Tax Invoices for supply of Goods / Services in all circumstances.
- Does it require for a person dealing exclusively with NIL rated or Exempted Goods / Services to get registered?
Ans:- There is no liability of registration if the person is dealing with supply of 100% goods / services under exempted category.
- A Dealer is having turnover less than Rs. 20 lakh but opted for registration voluntarily, Does he require to pay tax for all the supplies made during post registration?
Ans :- Yes, the dealer will be treated as normal registered dealer.
- Whether Rent paid on building for Commercial Purposes comes under the purview of GST? If so, what will be the rate thereto and whether Input Tax Credit is available for the same?
Ans :- By virtue of Section 9(4) of CGST, GST on rent has to be paid under RCM by registered person, if the rent is paid by registered person to unregistered person. However renting of residential dwelling for use as residence is not subject to GST.
- Should any registered dealer having small amount of transactions, discharge GST liability under Reverse Charge Mechanism?
Ans:- Yes, There is also a small exemption granted, to the tune of Rs 5,000 per day, for total consolidated purchases made during a particular day, of goods and services, from one or all unregistered vendors in a day.
- Whether payment of tax under Reverse Charge Mechanism is eligible for Input Tax Credit benefit?
Ans :- Payment of Tax under Reverse Charge is eligible for Input Tax Benefit if the procurement of Goods & Services are used or intended to be used in the course or furtherance of business.
- Whether tax paid under Reverse Charge Mechanism for procurement of Goods and Services from unregistered dealers will be added back during bid evaluation in tendering process?
- Whether a registered dealer is required to make TDS against Procurement of all Goods & Services?
Ans :- The TDS provision under GST is applicable only to Government and Government undertakings receiving goods or services under a contract value of more than Rs. 2.5 lakhs.
- Will there be any effect of GST if a registered dealer receives any advance payment from its customers?
Ans :- Advances received are liable to GST. Tax liability arises when the payment is received by the supplier.
- Does a registered dealer under composite scheme require to pay tax under Reverse Charge Mechanism?
Ans:- Yes, a registered dealer under composite scheme is require to pay tax under reverse charge mechanism wherever applicable.