Is there GST for the
premium amount collected towards life insurance scheme under LIC Policies? If
so, won’t it affect the consumers?
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.
implementation of GST, should the serial numbers of invoice start from
beginning or shall the serial number of existing invoice be continued?
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.
What is “exempted
supply” under GST infrastructure?
As per GST Rules, for this
a separate explanation is there. The following supplies will be deemed as
Supplies which are totally exempted from
tax as per Section 6/11 of IGST Rules (or)
Supplies of goods and services which
attract tax but with NIL Rate or
Supplies where no levy of tax
All the above will be
deemed as “exempted supplies”.
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?
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.