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GST:QUESTIONS AND ANSWERS - 05:09:2017

QUESTION 1:

Previously, we had been availing ourselves of a concession of 50% in the first year and remaining in the subsequent year on excise and service tax for capital goods, as input tax credit. Will the same privilege continue in the present GST also? 

Answer:

GST Input Tax Credit of 100% for capital goods can be availed in the first year itself. No compulsion to avail it by separating them into two years.

QUESTION 2:

Will the tax payable under reverse charge basis, be stable in same percentage?

Answer:

The percentage of tax under reverse charge basis will change according to the tax rate for goods. For example, if goods of 18% tax are procured from an unregistered person, the reverse charge tax of 18% must be remitted and it will be 5%, if the goods of 5% tax are procured.

Question: 3

I read that integrated GST must be collected for Other states’ supplies. How to remit such tax collected to the said State Government?

Answer:

You need to remit the amount collected as Integrated GST to Other State Government. It is enough if you remit the balance tax amount through your GST Portal in online after deducting the Input Tax credit.

Question 4

Is there GST for the amount borrowed as loan from banks? If so, how much percentage?

Answer:

There is no GST for the loan amount borrowable from banks. You need not bother about it. If banks collect loan processing fees or loan review charges, if any, GST is applicable for them only.

 

Question 5:

Can the Integrated GST remitted at the time of import be availed as ITC equivalent to the GST payable for the inland transactions?

Answer:

Yes you can avail. The IGST remitted at the time of import can be availed as ITC equivalent to IGST payable for Other State Supplies or CGST and SGST payable for the supplies made in native state.

Question 6:

We are manufacturing snacks (sweets and karams), packing and selling them. We are paying rent for our workplace. Can we avail the CGST and SGST on the rent as ITC?. If so, how much percentage can we avail? 

Answer:

The amount paid as CGST and CGST on the rent can be completely availed as ITC without any restrictions.

Question 7:

Previously, we used to remit VAT while purchasing computer for our Office use. We are informed that there is no ITC under VAT tax structure for such purchase. Is there any ITC under GST? 

Answer:

The important benefit of GST that is ITC will be available for all goods. You can avail the ITC on GST remitted at the time of procuring the Computer.

Question 8:

We are operating a textile shop in Vellore. We have obtained GST registration. Can we maintain different serial numbers in the invoice for dresses in varieties in a single GST number?.

Answer:

Under single GST number, invoices with different serial numbers can be maintained for different kinds or varieties of dresses. For example, you can maintain separate invoice serial numbers for sarees, kidswear, readymades etc.

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