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GST:QUESTIONS AND ANSWERS - 22:08:2017

QUESTION 1:

Is there GST for the premium amount collected towards life insurance scheme under LIC Policies? If so, won’t it affect the consumers?

Answer:

For such transactions, tax had been levied in the previous service tax structure. The same practice is followed in GST  also and tax is levied to it.  As you have said, it will be beneficial if tax is not there for life insurance schemes.  If this request is represented at appropriate forum, there may be a chance for exemption from tax.

 

QUESTION 2:

After the implementation of GST, should the serial numbers of invoice start from beginning or shall the serial number of existing invoice be continued?

Answer:

After the implementation of GST, there is no need to start the serial number from the beginning. The existing serial number which was used shall be continued.

Question: 3

What is “exempted supply” under GST infrastructure?

Answer:

As per GST Rules, for this a separate explanation is there. The following supplies will be deemed as “exempted supply”.

a.     Supplies which are totally exempted from tax as per Section 6/11 of IGST Rules (or)

b.     Supplies of goods and services which attract tax but with NIL Rate or

c.      Supplies where no levy of tax  

All the above will be deemed as “exempted supplies”.

 

Question 4:

We are operating a spinning mill. There are stocks of cotton bales procured after remitting Central Excise Duty of 2% upto June 2017. Can we avail input tax credit on this 2% Central Excise Duty? For this, what are the formalities to be observed?

Answer:

The remitted amount of 2% Central Excise Duty cannot be received by you as input tax credit. Since this tax amount cannot be availed  as input tax credit as per the rules before  GST,  it cannot be received after GST implementation also. 

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