GST on MSME

Read FAQ’s : GST on MSME

Question 1: What is GST?

Question 2: On what supply is GST levied?

Question 3: Will GST be levied on all goods or services or both?

Question 4: How many types of GST will be levied on different kinds of supply of goods or services?

Question 5: Whether a registered person will have to approach two authorities – Centre as well as State for various permissions, audit etc. under the Act?

Question 6: What is destination based consumption tax?

Question 7: Who will pay GST?

Question 8: What is Input Tax Credit?

Question 9: Is GST going to increase compliance burden on the trade?

Question 10: What is the threshold for registration in GST?

Question 11: Is an agriculturist liable to registration?

Question 12: What is the most important precaution to be taken to avail the facility of threshold exemption?

Question 13: I am engaged exclusively in the business of supplying goods or services which are exempt from GST. Am I liable for registration?

Question 14: How do I make supply, if I have not applied for registration?

Question 15: How can an application for fresh registration be made under GST? Within what time will registration be granted?

Question 16: I was registered under VAT but not under Central Excise. Do I need to apply for new registration?

Question 17: If I have obtained provisional GSTIN (PID), can I use the same on the invoice to make supply without waiting for final GSTIN?

Question 18: I am a SME selling printed books after printing and have a turnover of twenty-five lakhs rupees per annum. I print only Children’s picture, drawing or colouring books which are exempt from GST. Do I need to register?

Question 19: If I register voluntarily though my turnover is less than Rs. 20 lakhs, am I required to pay tax on supplies made post registration?

Question 20: How will taxpayer get the certificate of registration?

Question 21: Can registration particulars once furnished be amended?

Question 22: In which State will a person be registered?

Question 23: Are all manufacturers necessarily required to be registered under GST?

Question 24: Who is liable to issue a ‘tax invoice’ and how many copies are required to be issued?

Question 25: What details are to be contained in a ‘tax invoice’ ?

Question 26: Is it necessary to issue invoices even if the value of transaction is very low ?

Question 27: When should a tax invoice be issued for goods ?

Question 28: In case of supply of exempt goods or when tax is paid under Composition Scheme, is the registered person required to issue a tax invoice ? How a bill of supply is different from a tax invoice ?

Question 29: If goods are transported in semi-knocked down condition, when shall the complete invoice be issued ?

Question 30: Is there any scheme for payment of taxes under GST for small traders and manufacturers?

Question 31: 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?

Question 32: What is the form in which an intimation to pay tax under the composition scheme needs to be made by the taxable person?

Question 33: What is the rate of tax under Composition levy for a manufacturer?

Question 34: Are all manufacturers eligible for composition scheme?

Question 35: When will a registered person have to pay tax?

Question 36: A person availing composition scheme during a financial year crosses the turnover of Rs. 75 Lakhs / Rs. 50 Lakhs during the course of the year i.e. say, he crosses the turnover of Rs. 75 Lakhs/Rs. 50 Lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March?

Question 37: For the purpose of availing composition how will aggregate turnover be computed for the purpose of composition?

Question 38: Can a person who has opted to pay tax under the composition scheme avail Input Tax Credit on his inward supplies?

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?

Question 40: 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?

Question 41: In case a person has registration in multiple States, can he opt for payment of tax under composition levy only in one State and not in other States?

Question 42: What is the effective date of composition levy?

Question 43: What is the validity of composition levy?

Question 44: What are the other compliances which a provisionally registered person opting to pay tax under the composition levy need to make?

Question 45: Can a person paying tax under composition levy, withdraw voluntarily from the scheme?

Question 46: Will withdrawal intimation in any one place be applicable to all places of business?

Question 47: Can a person paying tax under composition scheme make exports or supply goods to SEZ?

Question 48: Can a manufacturer under composition scheme do job-work for other manufacturers?

Question 49: How can tax payments be made by a registered person under the composition scheme?

Question 50: Does a registered person under the composition scheme pay his taxes every month?

Question 51: What are the accounts a manufacturer under the composition scheme needs to maintain?

Question 52: Does a manufacturer under the composition scheme need to maintain details of accounts of every supply received and made?

Question 53: Does a manufacturer under the composition scheme needs to maintain account of inputs tax credit?

Question 54: Can a manufacturer under the composition scheme maintain his accounts manually? And can he issue his bill of supply manually?

Question 55: Whether a registered person under the composition scheme needs to learn HSN code of any input purchases and output supplies?

Question 56:. What return a registered person under the composition scheme needs to file and at what frequency?

Question 57: What details are required to be furnished in the return to be filed by the registered person under the composition scheme?

Note: Reference to CGST Act, 2017 includes reference to SGST Act, 2017 and UTGST Act, 2017 also.

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