Daily Archives: August 1, 2017

Refund of taxes for exporters in GST

By | August 1, 2017

Question : What are the provisions for refund of taxes for exporters in GST Answer: Provisions relating to refund are contained in section 54 of the CGST Act, 2017 . It provides for refund of tax paid on zero-rated supplies of goods or services or on inputs or input services used in making such zero- rated… Read More »

Category: GST

How can IGST be paid ?

By | August 1, 2017

Question : How can IGST be paid ? Answer: The IGST can be paid by utilizing ITC to the extent available and balance by cash. The use of ITC for payment of IGST will be done in the following order: • ITC of IGST shall be used for payment of IGST first; • Once ITC… Read More »

Category: GST

How will exports be treated under GST ?

By | August 1, 2017

Question : How will exports be treated under GST ? Answer: All exports will be deemed as inter-State supplies. Exports of goods and services will be treated as zero rated supplies. The exporter has the option either to export under bond/Letter of Undertaking without payment of tax and claim refund of ITC or pay IGST… Read More »

Category: GST

How will imports be taxed under GST?

By | August 1, 2017

Question : How will imports be taxed under GST? Answer: All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services.  … Read More »

Category: GST

GST on Handicraft Sector : FAQ

By | August 1, 2017

GST on Handicraft Sector Question 1 : How will imports be taxed under GST? Answer: All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import… Read More »

GST on Mining Sector : FAQ

By | August 1, 2017

GST on Mining Sector Question 1: Can small mining leaseholders with a turnover less than Rs.75 lacs operate under composition scheme? Answer: As per Sec. 10(1) of the CGST Act, 2017, a registered person whose aggregate turnover in the preceding FY did not exceed Rs.75 lakhs, would be eligible for paying GST under the composition scheme.… Read More »

GST Treatment of Discounts

By | August 1, 2017

Question : Whether discounts can be claimed as an abatement from the price for assessing GST? Answer: In terms of Section 15(3) of the CGST Act, 2017, the value of supply for charging GST shall not include any discount which is given before or at the time of the supply if such discount has been… Read More »

Category: GST

GST process for movement of Expired medicines from retail outlets to manufacturer

By | August 1, 2017

Question : What is the procedure for movement of time expired medicines from the retail outlets to the manufacturer for destruction? Answer: In such cases, the manufacturer may issue a credit note within the time specified in sub-section (2) of section 34 of the CGST Act, 2017  subject to the condition that the person returning the expired… Read More »

Category: GST