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?
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.
Will the tax payable
under reverse charge basis, be stable in same percentage?
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.
I read that integrated
GST must be collected for Other states’ supplies. How to remit such tax collected
to the said State Government?
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.
Is there GST for the
amount borrowed as loan from banks? If so, how much percentage?
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.
Can the Integrated GST
remitted at the time of import be availed as ITC equivalent to the GST payable for
the inland transactions?
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.
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?
The amount paid as CGST
and CGST on the rent can be completely availed as ITC without any restrictions.
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
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.
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
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.