For our Office, a
service provider is supplying water through lorry. For each supply, they are
charging Rs.1500/- and per month they are billing from Rs.25000 to Rs.30000/-.
Will there be reverse charge tax for this?
For water supply there
is no GST. Hence you need not remit tax under reverse charge basis.
What is B2B Supply?
What is B2C Supply? Please Explain. Is there any input tax credit benefit?
B2B supply means a
supply made by a trader to another trader. That is Business to Business. If the
supply is made by a trader to a consumer, it will be called B2C that is
Business to Consumer. Under B2C supply method, there will be input tax credit.
What is the difference
between UTGST and IGST? When to levy UTGST? There is a confusion about this.
When engaged in supply
within Tamilnadu, CGST and SGST must be levied. If engaged in supply to the
areas of Union Terrritory, then CGST and UTGST must be levied. There is no need
to bother about UTGST since you are engaged in sales within Tamilnadu. For supplies to Other States, Integrated GST
must be levied. A supplier, in whatever
State he is located, must levy IGST when engaged in Other State supply.
In GST, when
registering for New Registration, can the composition tax scheme be opted or can
it be opted only by those who are already under Composition Scheme?
Composition tax scheme
can be opted when registering for new registration. It is wrong to say that
only those who are already under this scheme can join under composition tax scheme.
While importing capital
goods from Foreign Countries now, we receive them at Zero Duty as allowed under
EPCG (Export Promotion Capital Goods) Scheme. Will there be any change in this,
after implementation of GST?
Under GST Rules, for
such imports, IGST will be levied. You
can avail Input Tax Credit on the tax after remitting it or you can apply for
refund and get it back from the Government.
If the same person had
obtained GST registration in two different states, can he opt for Composition
Tax scheme in one state and normal tax scheme in other state?
There is no way to
opt like this. If you opt for composition tax scheme, you must opt the same
scheme in all States.