Within how many days, the input tax credit
must be used?
There is no time frame stipulated in the
GST Act for utilizing the input tax credit. It can be used at any time.
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?
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
I am selling goods in variety procurable
under various tax rates. Can I pay GST under composite tax scheme?
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.
Is there any daily ceiling fixed for “cash
sales” to any individual under GST?
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.
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?
The invoice which is called as “Tax
Invoice” should contain the following.
seller’s name, address, GST Registration Number
invoice number which is to be distinctive in nature
name, address, State, GST registration
number , State Code (If GSTIN available)
Shipping address ( if buyer’s address differs)
HSN code of
goods, number, measurement and value
Signature of the