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GST:QUESTIONS AND ANSWERS - 18:09:2017

QUESTION 1

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.

Answer

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.

QUESTION 2

Will the goods provided under installment scheme be deemed as supply of goods or supply of service?  I am confused.

Answer

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.

Question 3

While purchasing shares of a company through Share Market, how much percentage of tax will be levied?

Answer

For the purchase of shares through share market, exemption from GST has been given. Hence, for such transaction, GST will not be levied.

Question 4

Is there any rule under GST to consider a product as capital goods?

Answer

Previously, under 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.

Question 5

Can the manufacturers and service providers avail themselves of any concession under composition tax scheme?

Answer

Manufacturers can opt for composition tax scheme. Except restaurants, other service providers  cannot opt  this scheme.

Question 6

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?

Answer

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.

Question 7

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?

Answer

For Tin boxes and scrap items, you must levy 18% tax. This will come as code no 8002 under HSN Classification. 

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