We have engaged agents
in other states to sell our goods. If we send the goods to those agents to sell,
will there be GST on it?
Yes, even if you send
the goods to the agents, GST is to be levied on them. Since you send the goods
to Other States, you have to levy Integrated Goods and Services Tax (IGST).
We have permitted to
erect a mobile phone tower on our building terrace and we are collecting
rent. Is there GST for this? If so, how
much percentage is to be collected? There is no other income to us.
If the amount so
collected as rent is less than Rs.20 lacs in a year, you need not collect GST.
If it exceeds the said limit, you must register for GST, collect 18% tax and
remit it to the Government.
If a person opts for
composite tax scheme violating the rules, what will be the legal consequences
If the tax remitter, knowingly
well that he is not eligible for Composite Tax Scheme and remits the tax under
that scheme purposely, he is liable for punishment. Moreover, there are guidelines to determine
Fine and Penalty in the Act.
What are the documents
to be maintained by a person registered for GST?
Each registered person
should maintain the following documents at their primary place of business.
The details on goods manufactured or
The details on supplies of goods or
The details on purchases of goods or
The details on stock in hand
The details on Input Tax credit for the
goods or services
The details on tax remitted or to be
The accounts related to
the above details must be maintained in true and genuine manner. On an average,
such books of accounts must be kept for a period of six years.
The restaurants, in the
Special Economic Zones too, are collecting GST. Previously there was a tax exemption
to it. Will it not affect the special economic zones?
If the restaurants in Special Economic Zones
supply food to an establishment in SEZ, GST will not be levied on it. But, if a
separate canteen is set up and selling of
foods to consumers is taking place, then GST is to be collected on it. This stand
will not affect the Special Economic Zone in any manner.
Is there any time frame
to apply to get back the refund amount?
Yes. The applications requesting refund may be
filed within two years from the date of transactions.