Should a service man
and a service provider be in the same State? Is there any restriction to
provide job work to a service man of Other State? Please clarify it.
In GST Act, there is no
such restriction. The service provider and service man may be in the same State
or in different States. There is no restriction.
Will the goods provided
under installment scheme be deemed as supply of goods or supply of service? I am confused.
No need to get
confused. Goods provided under
installment scheme will be deemed only as supply of goods. Because the ownership in it is happening at a
future date, it will not be deemed as service.
While purchasing shares
of a company through Share Market, how much percentage of tax will be levied?
For the purchase of
shares through share market, exemption from GST has been given. Hence, for such
transaction, GST will not be levied.
Is there any rule under
GST to consider a product as capital goods?
CENVAT Act, a rule had been framed for this. Now, in the GST ACT itself, it has
been clarified. Capital goods are those which have been mentioned as capitalized
goods in the books of income & expenditure related to registered person.
Can the manufacturers
and service providers avail themselves of any concession under composition tax
Manufacturers can opt
for composition tax scheme. Except restaurants, other service providers cannot opt this scheme.
I am working in
consultancy services. Is it enough if I register when my income exceeds Rs.20
lacs or should I register when I provide service?
It is enough if you
register when your service income exceeds Rs.20 lacs. Till then, you should not
collect tax. Moreover, you should not provide service to Other States.
We are engaged in the
wholesale supply of tin box, tin waste and scrap items. What is the HSN code
number for this? How much percentage of tax is levied for this?
For Tin boxes and
scrap items, you must levy 18% tax. This will come as code no 8002 under HSN