GST Related Queries

Expert Advice

GST Queries

The Government of India has put in place an information-based tax assessment of the tax returns filed by any person. Huge amount of information is being collected at transaction level at each stage relating to cross border and domestic transactions both. An exclusive “Insight” portal is already working with the revenue authorities which is collecting information from various sources relating to 360-degree view of any person. In this scenario, there are many questions which may come into one’s mind. We are here for you to answer all your obvious tax related questions to plan and manage any of your provable tax problems before it becomes too big to manage. We are ready with the answer of all your questions such as.

Yes, any person or entity involved in the supply of goods or services with an annual turnover of Rs. 40 lakhs or more (Rs. 20 lakhs or more for special category states) is required to register under GST.

No, a person or entity cannot have two registrations under GST for the same business in the same state.

Registration under GST can be done online and typically takes 3-7 working days.

No, a person or entity can have only one GST registration on one PAN.

No, a person or entity cannot take two GST registrations for branches within the same state.

The GST returns to be filed depend on the type of registration and the turnover of the business. The most common returns to be filed are GSTR-1, GSTR-3B, and GSTR-9.

Yes, businesses with an annual turnover of up to Rs. 5 crores can opt for the Quarterly Return Monthly Payment (QRMP) scheme.

International transactions under GST require the issuance of an invoice, filing of returns, and payment of tax under the IGST Act.

A tax invoice needs to be issued for the supply of taxable goods or services, while a bill of supply is issued for exempt or non-taxable goods or services.

The invoice amount is calculated by adding the value of the goods or services supplied and the applicable tax rate. The tax liability is then calculated by multiplying the taxable value with the applicable tax rate.

Under reverse charge, the recipient of goods or services is liable to pay tax instead of the supplier. It is applicable in certain cases, such as for purchases from unregistered suppliers.

The place and time of supply under GST depend on the type of supply and the location of the supplier and the recipient.

Input Tax Credit cannot be availed for certain goods and services, such as for personal use, employee benefits, and motor vehicles.

GST exempts certain goods and services, such as basic food items, healthcare, and education.

Credit under GST can be utilized for payment of tax liability or claimed as a refund.

No, Aadhaar/PAN is not required to be recorded while selling goods to unregistered dealers.

An E-Way bill is required for the movement of goods worth more than Rs. 50,000, except for certain exempt categories.

OIDAR stands for Online Information and Database Access or Retrieval services and includes services provided electronically, such as downloading of books, music, or software.

No, TDS and TCS under GST (Goods and Services Tax) are not the same as under the Income Tax Act. In GST, TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are applicable in certain specified cases.

Yes, if a GST return is filed after the due date, interest will be levied on the tax liability payable by the taxpayer. The interest rate is 18% per annum and is calculated from the due date of filing the return till the actual date of payment.

Yes, tax on reverse charge can be paid through Input Tax Credit (ITC) if the recipient of goods or services is registered under GST and has sufficient ITC balance.

Refund under GST can be claimed in cases like excess payment of tax, inverted duty structure, exports, finalization of provisional assessment, and refund of accumulated Input Tax Credit.

Yes, a registered person can claim Input Tax Credit (ITC) in case of discontinuation of business if the credit is attributable to goods or services that were received before the date of discontinuation and are used or intended to be used for business purposes. However, the ITC claim has to be filed within three months from the date of discontinuation.

The transfer of an existing business, whether by way of sale, merger, amalgamation, lease, or any other mode, is subject to certain provisions under GST law. These include the transfer of unutilized Input Tax Credit, registration of the transferee, and notification to the proper officer about the transfer.

Interest under GST is levied on the net output liability, which is the amount of tax payable after adjusting for Input Tax Credit. It is calculated at the rate of 18% per annum, and the taxpayer is required to pay it on any delayed payment of tax.

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