I am engaged in share
broking business. Will this business of
share broking be considered as sale of product or as service?
This will be considered
as service only. If your income from share broking business exceeds the
prescribed ceiling, you need to register for GST.
Can we avail input tax
credit on the purchase of office tools and capital goods?
Yes. If you have
remitted GST on your business related expenditure, you can avail input tax
credit. For this, some conditions are
Is there any provision
to file separate returns for CGST and SGST?
It is enough if a
combined single return is filed for CGST, SGST and IGST put together. No need to file separate returns.
I am manufacturing Ice
Cream and selling to businessmen. The monthly
sales turnover is around Rs.2 lacs. If I opt for composite scheme, how much tax
must be remitted?
The manufacturers of
Ice Cream, Tobacco, Pan Masala goods cannot opt for composite scheme.
Therefore, tax cannot be remitted under composite scheme.
I have obtained
registration number under GST migration procedure. Now, can I cancel my GST
You can cancel your
registration. You have to apply through the “GST-Form 16” meant for
cancellation of registration.
Can we hike the price
for the goods sold before the implementation of GST?. Previously we had
collected VAT tax. If we hike the price, should we levy GST on such sales?
The prices can be
changed. Within 30 days of your hiking
prices, you have to collect GST tax through debit note or supplementary price
list and then remit it.
I have started
practicing as an advocate in Kanyakumari. Should advocates register for GST?
For advocates, there is
exemption from registration under GST.
For your services, the receiver of service must remit the tax under
reverse charge basis. Therefore you need not register for GST.
registration, we had opted for composite tax scheme. At present, we have
migrated to GST but have not opted for composite tax scheme. Is there input tax
credit for our June 30 stock-in-hand?
Though you were in
composite tax scheme earlier, now, since you have opted collecting GST and
remitting it, you will get input tax credit for your stock on June 30. That
stock should have been purchased one year before GST levy. You must have its price list. If you have it,
then you will get input tax credit for the entire price list related to your
stock on June 30.