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GST:QUESTIONS AND ANSWERS - 25:07:2017

QUESTION 1:

I am engaged in share broking business.  Will this business of share broking be considered as sale of product or as service?

Answer:

This will be considered as service only. If your income from share broking business exceeds the prescribed ceiling, you need to register for GST.

Question: 2

Can we avail input tax credit on the purchase of office tools and capital goods?

Answer:

Yes. If you have remitted GST on your business related expenditure, you can avail input tax credit.  For this, some conditions are there.

Question: 3

Is there any provision to file separate returns for CGST and SGST?

Answer:

It is enough if a combined single return is filed for CGST, SGST and IGST put together.  No need to file separate returns.

Question 4

I am manufacturing Ice Cream and selling to businessmen.   The monthly sales turnover is around Rs.2 lacs. If I opt for composite scheme, how much tax must be remitted?

Answer:

The manufacturers of Ice Cream, Tobacco, Pan Masala goods cannot opt for composite scheme. Therefore, tax cannot be remitted under composite scheme.

 

Question 5

I have obtained registration number under GST migration procedure. Now, can I cancel my GST registration?

Answer:

You can cancel your registration. You have to apply through the “GST-Form 16” meant for cancellation of registration.

Question 6

Can we hike the price for the goods sold before the implementation of GST?. Previously we had collected VAT tax. If we hike the price, should we levy GST on such sales?

Answer:

The prices can be changed.  Within 30 days of your hiking prices, you have to collect GST tax through debit note or supplementary price list and then remit it.

Question 7

I have started practicing as an advocate in Kanyakumari. Should advocates register for GST?

Answer:

For advocates, there is exemption from registration under GST.  For your services, the receiver of service must remit the tax under reverse charge basis. Therefore you need not register for GST.   

Question 8

During VAT registration, we had opted for composite tax scheme. At present, we have migrated to GST but have not opted for composite tax scheme. Is there input tax credit for our June 30 stock-in-hand?

Answer:

Though you were in composite tax scheme earlier, now, since you have opted collecting GST and remitting it, you will get input tax credit for your stock on June 30. That stock should have been purchased one year before GST levy.  You must have its price list. If you have it, then you will get input tax credit for the entire price list related to your stock on June 30.



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