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GST:QUESTIONS AND ANSWERS - 18:07:2017

QUESTION 1:

Within how many days, the input tax credit must be used?

Answer:

There is no time frame stipulated in the GST Act for utilizing the input tax credit. It can be used at any time.

 

Question:2

We are sending raw materials and tools from Ranipet, Tamilnadu to Mysooru, Karnataka for job work. The person who does the job work at Mysooru, has also obtained GST Registration. In these circumstances, should I levy GST on the goods and materials sent for Job Work?

Answer:

There is no GST on the goods sent for job work from one state to another state. Therefore, you need not levy GST on such transactions.

 

Question:3

I am selling goods in variety procurable under various tax rates. Can I pay GST under composite tax scheme?

Answer:

If your total annual turnover of last year does not exceed Rs.75 lacs, you can opt composite tax scheme. Even if you sell goods procurable under various tax rates, it is enough if you pay 1% on the total annual turnover under composite tax scheme. But you cannot enjoy the input tax credit.

Question 4

Is there any daily ceiling fixed for “cash sales” to any individual under GST?

Answer:

Under GST regulations, no limit has been specified for daily cash sales. But according to Income Tax Law, there is a regulation that a cash transaction should not be for 2 lacs or more.

 

Question 5

We are engaged in selling automobiles tools and spare parts. We have obtained GST provisional registration number. What are the items to be shown in our invoice?

Answer:

The invoice which is called as “Tax Invoice” should contain the following.

a)     The seller’s name, address, GST Registration Number

b)    Continuous invoice number which is to be distinctive in nature

c)     Invoice date

d)    Buyer’s name, address, State,  GST registration number , State Code (If GSTIN available)

e)     Delivery / Shipping address ( if buyer’s address differs)

f)      HSN code of the goods/services

g)     Details on goods, number, measurement and value

h)    Goods and Service Tax

Signature of the seller

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