Daily Archives: July 20, 2017

Section 150 Haryana GST Act 2017 : Obligation to furnish information return

Section 150 Haryana GST Act 2017 ( Section 150 Haryana GST Act 2017  explains Obligation to furnish information return  and is covered in Chapter XXI : MISCELLANEOUS  ) Obligation to furnish information return 150. (1) Any person, being- (a) a taxable person; or (b) a local authority or other public body or association; or (c) any authority of the State Government… Read More »

Section 149 Haryana GST Act 2017 : Goods and services tax compliance rating

Section 149 Haryana GST Act 2017 ( Section 149 Haryana GST Act 2017  explains Goods and services tax compliance rating  and is covered in Chapter XXI : MISCELLANEOUS  ) Goods and services tax compliance rating 149. (1) Every registered person may be assigned a goods and services tax compliance rating score by the Government based on his record of compliance with… Read More »

Section 148 Haryana GST Act 2017 : Special procedure for certain processes

Section 148 Haryana GST Act 2017 ( Section 148 Haryana GST Act 2017  explains Special procedure for certain processes  and is covered in Chapter XXI : MISCELLANEOUS  ) Special procedure for certain processes 148. The Government may, on the recommendations of the Council, and subject to such conditions and safeguards as may be prescribed, notify certain classes of registered persons,… Read More »

Section 147 Haryana GST Act 2017 : Deemed Exports

Section 147 Haryana GST Act 2017 ( Section 147 Haryana GST Act 2017  explains Deemed Exports and is covered in Chapter XXI : MISCELLANEOUS  ) Deemed Exports 147. The Government may, on the recommendations of the Council, notify certain supplies of goods as “deemed exports”, where goods supplied do not leave India, and payment for such supplies is received either in… Read More »

Section 146 Haryana GST Act 2017 : Common Portal

Section 146 Haryana GST Act 2017 ( Section 146 Haryana GST Act 2017  explains Common Portal and is covered in Chapter XXI : MISCELLANEOUS  ) Common Portal 146. The Government may, on the recommendations of the Council, notify the Common Goods and Services Tax Electronic Portal for facilitating registration, payment of tax, furnishing of returns, computation and settlement of integrated tax,… Read More »

Section 145 Haryana GST Act 2017 : Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence

Section 145 Haryana GST Act 2017 ( Section 145 Haryana GST Act 2017  explains Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence and is covered in Chapter XXI : MISCELLANEOUS  ) Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence 145. (1) Notwithstanding anything contained in… Read More »

Section 142 Haryana GST Act 2017 : Miscellaneous transitional provisions

Section 142 Haryana GST Act 2017 ( Section 142 Haryana GST Act 2017  explains Miscellaneous transitional provisions and is covered in Chapter XX : TRANSITIONAL PROVISIONS  ) Miscellaneous transitional provisions 142. (1) Where any goods on which tax, if any, had been paid under the existing law at the time of sale thereof, not being earlier than six months prior to… Read More »

Section 141 Haryana GST Act 2017 : Transitional provisions relating to job work

Section 141 Haryana GST Act 2017 ( Section 141 Haryana GST Act 2017  explains Transitional provisions relating to job work and is covered in Chapter XX : TRANSITIONAL PROVISIONS  ) Transitional provisions relating to job work 141. (1) Where any inputs received at a place of business had been despatched as such or despatched after being partially processed to a job… Read More »

Section 140 Haryana GST Act 2017 : Transitional arrangements for input tax credit

Section 140 Haryana GST Act 2017 ( Section 140 Haryana GST Act 2017  explains Transitional arrangements for input tax credit  and is covered in Chapter XX : TRANSITIONAL PROVISIONS  ) Transitional arrangements for input tax credit 140. (1) A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit… Read More »

Section 139 Haryana GST Act 2017 : Migration of existing taxpayers

Section 139 Haryana GST Act 2017 ( Section 139 Haryana GST Act 2017  explains Migration of existing taxpayers  and is covered in Chapter XX : TRANSITIONAL PROVISIONS  ) Migration of existing taxpayers 139. (1) On and from the appointed day, every person registered under any of the existing laws and having a valid Permanent Account Number shall be issued a certificate… Read More »

Section 138 Haryana GST Act 2017 : Compounding of offences

Section 138 Haryana GST Act 2017 ( Section 138 Haryana GST Act 2017  explains Compounding of offences  and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Compounding of offences 138. (1) Any offence under this Act may, either before or after the institution of prosecution, be compounded by the Commissioner on payment, by the person accused of the offence,… Read More »

Section 136 Haryana GST Act 2017 : Relevancy of statements under certain circumstances

Section 136 Haryana GST Act 2017 ( Section 136 Haryana GST Act 2017  explains Relevancy of statements under certain circumstances  and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Relevancy of statements under certain circumstances 136. A statement made and signed by a person on appearance in response to any summons issued under section 70 during the course of… Read More »

Section 135 Haryana GST Act 2017 : Presumption of culpable mental state

Section 135 Haryana GST Act 2017 ( Section 135 Haryana GST Act 2017  explains Presumption of culpable mental state  and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Presumption of culpable mental state 135. In any prosecution for an offence under this Act which requires a culpable mental state on the part of the accused, the court shall presume… Read More »

Section 134 Haryana GST Act 2017 : Cognizance of offences

Section 134 Haryana GST Act 2017 ( Section 134 Haryana GST Act 2017  explains Cognizance of offences  and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Cognizance of offences 134. No court shall take cognizance of any offence punishable under this Act or the rules made thereunder except with the previous sanction of the Commissioner, and no court inferior… Read More »

Section 133 Haryana GST Act 2017 : Liability of officers and certain other persons

Section 133 Haryana GST Act 2017 ( Section 133 Haryana GST Act 2017  explains Liability of officers and certain other persons  and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Liability of officers and certain other persons 133. (1) Where any person engaged in connection with the collection of statistics under section 151 or compilation or computerisation thereof or… Read More »

Section 132 Haryana GST Act 2017 : Punishment for certain offences

Section 132 Haryana GST Act 2017 ( Section 132 Haryana GST Act 2017  explains Punishment for certain offences and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Punishment for certain offences 132. (1) Whoever commits any of the following offences, namely:– (a) supplies any goods or services or both without issue of any invoice, in violation of the provisions… Read More »

Section 131 Haryana GST Act 2017 : Confiscation or penalty not to interfere with other punishments

Section 131 Haryana GST Act 2017 ( Section 131 Haryana GST Act 2017  explains Confiscation or penalty not to interfere with other punishments  and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Confiscation or penalty not to interfere with other punishments 131. Without prejudice to the provisions contained in the Code of Criminal Procedure, 1973 (Central Act 2 of… Read More »

Simplification in Procedure for Getting Passports in India

Simplification in Procedure for Getting Passports  The Government has decided to print personal details on passports in both Hindi and English languages.  The pre-printed portion of the passport is already in Hindi and English languages. The Government has implemented with effect from 24 June, 2017 a new scheme under which senior citizens of the age of… Read More »

Exchange Rate of Foreign Currency w.e.f 21.07.2017

Exchange Rate of Foreign Currency relating to Imported and Export Goods Notified  In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs(CBEC) No.70/2017-CUSTOMS (N.T.), dated 6th July, 2017, except as respects things done or omitted… Read More »

New Pension Scheme for senior citizens : PMVVY : Pradhan Mantri Vaya Vandana Yojana

FM to formally launch Pradhan Mantri Vaya Vandana Yojana (PMVVY) tomorrow; PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens available from 4th May, 2017 to 3rd May, 2018; The Scheme can be purchased offline as well as online through Life Insurance Corporation of India  The Union Minister… Read More »

Details in GST return of composition scheme Dealer

Question : What details are required to be furnished in the return to be filed by the registered person under the composition scheme? Answer: GSTR-4 may be referred for details required to be filled in the return. It is a very simple return containing consolidated details of outward supplies, details of import of services or… Read More »

Category: GST

GST return date for composition scheme

Question :. What return a registered person under the composition scheme needs to file and at what frequency? Answer: A registered person under the composition scheme of GST is required to furnish quarterly return called GSTR-4 between the 11th day and 18th day of the month succeeding the quarter. GST on MSME : FAQ’s GST… Read More »

Category: GST

GST composition scheme : manufacturer can maintain manual accounts

Question : Can a manufacturer under the composition scheme maintain his accounts manually? And can he issue his bill of supply manually? Answer: Yes, a manufacturer under the composition scheme can maintain his accounts in registers serially numbered and also issue bill of supply manually following the conditions specified in rules in this regard. GST on… Read More »

Category: GST

GST composition : manufacturer need not to maintain stock detailed accounts

Question : Does a manufacturer under the composition scheme need to maintain details of accounts of every supply received and made? Answer: No, the requirement to maintain detailed accounts of stocks in respect of goods received and supplied, work in progress, lost, destroyed etc. does not apply to a manufacturer under the composition scheme. Such a person… Read More »

Category: GST

GST composition : accounts that manufacturer needs to maintain

Question : What are the accounts a manufacturer under the composition scheme needs to maintain? Answer: Rules on Accounts and Records provide details of the accounts to be maintained. They are maintained under normal course of business by any small manufacturer. The details to be maintained in accounts inter-alia consists of goods supplied, inward supplies… Read More »

Category: GST

GST composition scheme : pay taxes on quarterly basis

Question : Does a registered person under the composition scheme pay his taxes every month? Answer: No, registered person under the composition scheme will not pay taxes every month. He would file return and pay taxes on a quarterly basis i.e. for each quarter of the financial year. Due date for payment of tax for… Read More »

Category: GST

How pay GST under Composition scheme ?

Question : How can tax payments be made by a registered person under the composition scheme? Answer: A registered person under composition scheme would not have input tax credit and he would make all his tax payments by debit in the electronic cash ledger maintained at the common portal. The taxpayer can deposit cash anytime… Read More »

Category: GST

GST composition scheme : No Export or Supply to SEZ

Question : Can a person paying tax under composition scheme make exports or supply goods to SEZ? Answer: No, because exports and supplies to SEZ from Domestic Tariff Area are treated as inter-State supply. A person paying tax under composition scheme cannot make inter-State outward supply of goods. GST on MSME : FAQ’s GST on… Read More »

Category: GST

GST Composition Levy : Withdrawal from all place of business

Question : Will withdrawal intimation ( For Composition Levy ) in any one place be applicable to all places of business? Answer: Yes. Any intimation or application for withdrawal in respect of any place of business in any State or Union territory, shall be deemed to be an intimation for withdrawal in respect of all… Read More »

Category: GST

GST composition levy : How to withdraw voluntarily

Question : Can a person paying tax under composition levy, withdraw voluntarily from the scheme? Answer: Yes, the registered person who intends to withdraw from the composition scheme can file a duly signed or verified application in FORM GST CMP-04. In case he wants to claim input tax credit on the stock of inputs and… Read More »

Category: GST

GST Compliances for composition dealer

Question : What are the other compliances which a provisionally registered person opting to pay tax under the composition levy need to make? Answer: Such person is required to furnish the details of stock, including the inward supply of goods received from unregistered persons, held by him on the 30th day of June, 2017 electronically,… Read More »

Category: GST

What is validity period of composition levy under GST

Question : What is the validity of composition levy? Answer: The option exercised by a registered person to pay tax under the composition scheme shall remain valid so long as he satisfies all the conditions specified in the law. The option is not required to be renewed.   GST on MSME : FAQ’s GST on… Read More »

Category: GST

What is effective date of composition levy under GST ?

Question : What is the effective date of composition levy? Answer: There can be three situations with respective effective dates as shown below: GST on MSME : FAQ’s GST on Textile : FAQ’s GST on Export : FAQ’s GSTIN / PAN and Invoice information in Shipping Bill Bond or LUT along with Shipping Bill Drawback… Read More »

Category: GST

Purchases from unregistered person by composition Dealer : Pay GST

Question : How would a manufacturer under the  composition scheme who receives inputs or input services from an unregistered person pay GST ? What will be the tax rate if the purchase is from a person availing composition ? Answer: GST will have to be paid on inputs and input services received by such manufacturer… Read More »

Category: GST

Purchases from composition manufacturer : No input tax credit available

Question 39: How is a manufacturer under the composition scheme required to bill his supply? Can a registered person, who purchases goods from a composition manufacturer take input tax credit? Answer: A manufacturer opting to pay tax under the composition scheme cannot issue a tax invoice to his buyer but would issue a Bill of… Read More »

Category: GST

GST composition scheme : No Input Tax Credit on inward supplies

Question : Can a person who has opted to pay tax under the composition scheme avail Input Tax Credit on his inward supplies? Answer: No, a taxable person opting to pay tax under the composition scheme is out of the credit chain. He cannot take input tax credit on the supplies received. GST on MSME… Read More »

Category: GST

GST composition : How to compute aggregate turnover ?

Question : For the purpose of availing composition how will aggregate turnover be computed for the purpose of composition? Answer: Aggregate turnover shall be computed on the basis of turnover on all India basis. It includes aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a… Read More »

Category: GST

When will registered person have to pay tax under GST

Question : When will a registered person have to pay tax? Answer: A registered person will have to pay GST on monthly basis on or before 20th of the succeeding month and if he has opted for composition levy he will have to pay GST on a quarterly basis on or before the 18th day… Read More »

Category: GST

Are all manufacturers eligible for GST composition scheme?

Question : Are all manufacturers eligible for composition scheme? Answer: A manufacturer is eligible to avail composition scheme except manufacturers: (a) whose aggregate turnover in the preceding financial year crossed Rs. 75 lakhs; (b) who have purchased goods or services from unregistered suppliers unless they have paid GST on such goods or services on reverse… Read More »

Category: GST

Rate of tax under GST Composition levy for manufacturer

Question : What is the rate of tax under Composition levy for a manufacturer? Answer: Composition rate for manufacturers is 2% (1% CGST and 1% SGST). GST on MSME : FAQ’s GST on Textile : FAQ’s GST on Export : FAQ’s GSTIN / PAN and Invoice information in Shipping Bill Bond or LUT along with… Read More »

Category: GST

How to give intimation to pay tax under composition Scheme of GST

Question : What is the form in which an intimation to pay tax under the composition scheme needs to be made by the taxable person? Answer: Composition scheme is optional and intimation that option has been availed should be made electronically in FORM GST CMP-01 by the migrating taxable person. A person who has  already… Read More »

Category: GST

Eligibility criteria for opting for composition levy under GST

Question : What is the eligibility criteria for opting for composition levy? Which are the Special Category States in which the turnover limit for Composition Levy for CGST and SGST purpose shall be Rs. 50 lakhs? Answer: Composition scheme is a scheme for payment of GST available to small taxpayers whose aggregate turnover in the… Read More »

Category: GST