Daily Archives: December 5, 2017

IRS USR IRS Tax Tip : 5 Signs of Small Business Identity Theft, New Protection Methods

By | December 5, 2017

Five Signs of Small Business Identity Theft, New Protection Methods Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards. Identity thieves are more sophisticated than they used to be. They know the tax code… Read More »

GST Levy on sale of Old Car

By | December 5, 2017

Company wants to sell its old Car. What is GST implication and to be applied at what price? Any changes if given to dealer of new car in exchange offer? Answer: It is treated as supply and applicable GST is payable on the value realised. GST FAQ by Govt Twitter account  02.12.2017   Related Topic… Read More »

GST Refund if Export made through merchant exporters

By | December 5, 2017

What happens to accumulated credit with manufacturers exporting through merchant exporters? Inputs are @18% GST, sale to Merchant exporter @0.1%. Answer: Manufacturers can claim refund of accumulated ITC under section 54(3) of CGST Act read with Rule 89 of CGST Rules. Section 54 (3) of CGST Act 2017 :  Subject to the provisions of Section 54(10), a… Read More »

Category: GST

GST ITC; GSTIN number not given to supplier

By | December 5, 2017

GST  ITC; GSTIN number not given to supplier Taxable Event. Buyer fails to give GST number to Supplier. How to treat such transaction? Answer: It may be treated as B 2 C ( Business to Consumer)  supplies. Buyer would not get ITC (Input Tax Credit). [ GST FAQ by Govt Twitter account  02.12.2017 :  ]… Read More »

Category: GST

GST ITC on Outdoor catering services

By | December 5, 2017

whether ITC of outdoor catering services are eligible. We are a iron and steel manufacturer. Answer: Pl see section 17(5)(b) of CGST Act Section 17(5)(b) of CGST Act 2017…. , input tax credit shall not be available in respect of the following, namely:— …. (b) the following supply of goods or services or both:— (i) food and beverages,… Read More »

Category: GST

GST ITC on Rent-a-cab, life insurance and health insurance

By | December 5, 2017

whether ITC  Rent-A-Cab services are eligible. We are a iron and steel manufacturer. Answer: Pl see section 17(5)(b) of CGST Act Section 17(5)(b) of CGST Act 2017…. , input tax credit shall not be available in respect of the following, namely:— …. (b) the following supply of goods or services or both:— — (iii) rent-a-cab, life insurance and… Read More »

GST ITC on Gifts / Diwali Expenses

By | December 5, 2017

Are expenses on “Gifts bought for clients/ customers on Diwali” – termed as “Diwali Expenses” eligible for ITC for business firm? Answer: Pl see section 17(5)(h) of CGST Act Section 17(5)(h) of CGST Act 2017…. , input tax credit shall not be available in respect of the following, namely:— …. h) goods lost, stolen, destroyed,… Read More »

Category: GST

GST ITC : on purchase of Trailer by logistic company

By | December 5, 2017

Can ITC be availed on purchase of Trailer by a logistic company involved in transportation of goods ? Answer: It can be availed. Pl see section 17(5)(a)(ii) of CGST Act. Section 17(5)(a) of CGST Act 2017…. , input tax credit shall not be available in respect of the following, namely:— …. (a) motor vehicles and other… Read More »

Category: GST