Sunday 10 December 2017
GST - CHANGING THE TAX RATE
How to Determine the GST Tax
Rate In Case Of Changing the Tax Rate
GST rates of many goods and services have
been changed from 15th November 2017. There may be confusion that which rate of
tax to be charged if payment is received before the changing of tax rate and invoice
is raised after the rate changed. There may be some more cases like this.
We need to consider three main point –
date of supply, date of payment and date of issued the invoice in this
situation.
In case the goods or services
or both have been supplied before the change in rate of tax,
Let assume the rate has been change 28%
to 18% on 15th Nov 2017.
Case
1-
Date of Supply – 10/11/2017
Date of Payment Received – 20/11/2017
Date of Issued the Invoice – 20/11/2017
GST Rate to be charged @ 18%
Case
2-
Date of Supply – 10/11/2017
Date of Payment Received – 12/11/2017
Date of Issued the Invoice – 20/11/2017
GST Rate to be charged@ 28%
Case
3-
Date of Supply – 10/11/2017
Date of Payment Received – 20/11/2017
Date of Issued the Invoice – 10/11/2017
GST Rate to be charged @ 28%
In case the goods or services
or both have been supplied after the change in rate of tax,
Case
4-
Date of Supply – 16/11/2017
Date of Payment Received – 20/11/2017
Date of Issued the Invoice – 12/11/2017
GST Rate to be charged @ 18%
Case
5-
Date of Supply – 16/11/2017
Date of Payment Received – 10/11/2017
Date of Issued the Invoice – 10/11/2017
GST Rate to be charged @ 28%
Case
6-
Date of Supply – 16/11/2017
Date of Payment Received – 10/11/2017
Date of Issued the Invoice – 16/11/2017
GST Rate to be charged @ 18%
Provided that the date of receipt of
payment shall be the date of credit in the bank account if such
credit in the bank account is after four working days from the date
of change in the rate of tax.
“The date of receipt of payment” shall
be the date on which the payment is entered in the books of account of the
supplier or the date on which the payment is credited to
his bank account, whichever is earlier.
Refer Section 14 of CGST ACT-change in rate of tax in respect of supply of goods or services.
Friday 8 December 2017
GST - Anti-Profiteering Measures
The Government is
committed to ensure all consumers enjoy the benefit of lower prices of goods
and services under GST.
Under GST, suppliers of
goods and services must pass on any reduction in the rate of tax or the benefit
of input tax credit to consumers by way of commensurate reduction in prices. If
this is not done, the consumer’s interest is protected by the National Anti
profiteering Authority which may order:
(a) reduction in prices;
(b) return of the amount
not passed on with interest @ 18% to the recipient;
(c) imposition of penalty;
and
(d) cancellation of
registration of the supplier.
Affected consumers may
file an application, in the prescribed format, before the Standing Committee on
Anti-profiteering if the profiteering has all-India character OR before the
State Screening Committees if the profiteering is of local nature.
Wednesday 6 December 2017
GST - Q AND A
Q. Is 1% tax to be paid on exempt
supplies as well as nil rated supplies by composition person?
A. Read section 2(6) with 10 of CGST Tax to be paid on Turnover and
Turnover = taxable supply + exempt supply.
Q. Is a bus service provider having
contract with education institute and giving service to school students and
charging fees directly from students is liable to pay GST or not?
A. It is exempted if service provided to pre-school and higher secondary
school or equivalent. Refer Notification No. 12/2017- Central Tax (Rate)
Heading 9992
Q. We are supposed to charge GST as RCM
on GTA but in some cases GTA is also charging GST. What to do in such case?
A. Yes they have option, in this case 12% GST to be charged
Q. I have converted my business from
partnership to Proprietary Firm. I am having GST Credit in Firm GST Number. How
to Transfer Such Credit to Proprietary Number?
A. Have to file FORM GST ITC-02, Refer rule 41 of CGST
Q. We are a manufacturing company with
turnover of 1 Crore. It’s a sole proprietor
firm. I earn rent from a commercial property in my personal name. What sort of
amendment should I do on portal for this service supplied by me in addition to manufacturing?
A. You can add rental service in your registration.
Q. We need to upload & file GSTR-1
for the month of August & September 2017, how can we file on GSTN Portal.
A. Filing not started yet for the month of Aug & Sept.
Q. I want to know transport charges. If I supply goods to a place and I am
paying Rs.1600 ( to n fro) through a regular transporter( not GTA) and wants to
charge the same. Will I have to charge GST in the bill?
A. Yes.
Q. One GTA has issued us a consignment
note amount Rs. 5000 but he is unregistered should it's comes in GTA.
A. Yes.
Q. I have paid IGST but late fee is
liable to pay where I should pay late fee amount IGST column or divide 2 part
with CGST and SGST?
A. SGST
+ CGST
Q. We can adjust reverse charge by ITC?
A. No
Q. In July I entered wrongly IGST
Invoice ITC in CGST & SGST in 3-B & tax deposited accordingly. How can
I Correct this?
A. If you have filed the return then it can't be revised. You can make
correction in GSTR-2 when it would be started.
Q. I have made some expense on my
Manufacturing unit at Machine including some machinery parts change and
Services of technician may I take ITC?
A. Yes.
Q. We are not able
to file form 6A for refund of IGST for month of sep.17, system asking for filing
of previous month 6A but we don't have refund claim in previous month.
A.This is the fault
of GST IT network. How can one file previous months 6A if there is no records
to file?
Q. We have to pay tax on nil rated
supply in GSTR-4?
A. Yes
Q. Can we require to pay
GST on RCM basis on freight? The bill is dt.7.11.17 and service provider is
unregistered.
A. If service provider is GTA then RCM
applicable.
Q. I purchased sofa for my company, Am
I eligible to claim ITC on GST paid on such purchase?
A. Yes.
Q. Everything that is added after 3B will attract interest. Is this correct.
A. If output tax increase then interest to be paid.
Q. I missed some invoices amount in
GSTR 3B and filed the return. Now how will I show the missed invoices amount in
GSTR-3B?
A. Filed return can't be revised. You can add missing invoices in GSTR-1 and can
pay taxes at the time of filing GSTR-3.
Q. I purchase a Innova car amounting Rs.
22 lacs for business, A person told that you can't claim GST ITC it will be
given only in career vehicle.
A. Yes, you can't avail ITC.
Q. Our counterparty
filed GSTR-2 and those Invoices is added in our GSTR-1, we not filed GSTR-1
For the month of July and our liability is become double.
A.Reject those invoices and file your GSTR-1.
Tuesday 5 December 2017
GST - RETURN STATUS
I am a
taxpayer. How can I track return status that I have submitted after logging to
the GST Portal?
On submission of the return, you will be given
an Application Reference Number (ARN). You can track status of your
application by tracking this ARN. To track return status, perform the following
steps:
1. Access the https://www.gst.gov.in/ URL. The GST Home page is
displayed.
2. Login to the GST Portal with valid credentials.
3. Click the Services > Returns> Track Return
Status command.
In Case of ARN:
a) In the ARN field, enter the ARN received on your
e-mail address when you submitted the return.
b) Click the SEARCH button.
The Application status is displayed.
In Case of Return Filing Period:
a) Select the Submission Period of the return using the
calendar.
b) Click the SEARCH button.
The Application status is displayed.
In Case of Status:
a) Select the Status of the return from the drop-down list.
b) Click the SEARCH button.
The Application status is displayed.
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