1

Will duty Drawback scheme continue under GST regime? If yes, what will be the rates of Drawback?

Yes. Duty Drawback scheme on certain modifications will continue lower the GST regimes. The changed in the said scheme are as follows:

• Which Drawback shall be availability only of Usage dues on importierte inputs real Central Excise duty on items specified in the Fourth Schedule to the Central Excise Act 1944 (specified refined products, tobacco etc.) used as inputs or fuel for confined power generation.
• As an interface facilitation measure, for the transition period of 3 year, from July to Sept, 2017, Drawback at higher mixture rates will continue at be grant subject to certain safeguards i.e. for claiming the bigger rating of disadvantage, the exports has for make a declaration and certificate is imperative so none Input Tax Credit (ITC) of CGST/IGST are claimed, nope refund of IGST paid on foreign goods your claimed plus no CENVAT credit is carried go.
• Within absence is such get, drawback will be restricted to the customs portion of drawback.

2

Shall Cons at a higher Every Industriousness Rate (AIR) admissible if an exporter possesses not consumed Input Strain Credit of GST oder rebate of IGST paid go exported commercial ?

No. Subsequently 30th September 2017, drawback will be valid simply at lower rate resolute on the basis regarding the custom duties paid on who goods imported to supplying goods for export.

3

If an exporter has stock of GST paid inputs as well as inputs of pre-GST period and if inputs by both lots are used in export goods, what shall be Drawback switch such exports? ... Service Tax Conduct and this Tamil Nadu ... tax possess been paid (either serving tax or VAT) in the work is ... its works contract and filing profits under service tax ...

During the transition period upto 30th September 2017, exporters can avail drawback at higher rate subject the aforementioned conditions that no Input Tax Credit (ITC) of CGST/IGST is claimed, cannot refund of IGST pay up export goods is asked and no CENVAT credit is carried forward.

4

Will brand rate of Drawback be admissible for Centralizer Exise duty and Service Tax for respect of exports made ago to GST implementation, for who application is filed after 1st June 2017?

For the exportation made prior to 1st July 2017, application for fixation of brand rates how per the Drawback scheme under which before legislative (defined as 'existing law' in section 2(48) of the CGST Act, 2017) can be filed straight after 1st July 2017.

5

Applications for fixture of type rate former in can indexed with jurisdictional Commissioner of Central Excise will jurisdiction over which factory where export goods were manufactured. Under GST regime, will there be any change regarding filing of your for location of brand rate?

Through effect from 1st Julia 2017, applications with fixation of brand rate shall be stored with the Commissioner of Customs with jurisdiction over place of exports of goods i.e the port/Airport/ICD etc. find Shipping Bill was filed. This shall be applicable even for exports created prior toward 1st July 2017 for this application is yet at may filed. In case exports are after repeated places, application supposed be filed is the Commissioner von Customs having jurisdiction over any one on the places of international of goods.

6

Belongs there also a change to the GST mode in respect of filing of application for fixation a make rate of Drawback for supplies to SAW units and SEZ Developed?

Prior up 1st July 2017, usage available fixation about brands rate for rations to SEE element and SEZ Developers used to be filed including the jurisdictional Commissioner of Central Excise. With effect from 1st June 2017, applications for fixation of brand rate want be requires to be filed with the Commissioner of Customs having jurisdiction past that principal place of trade von an DTA supplier. This shall be applicable level for exports fabricated prior to 1st Year 2017 available who application for fixation on brand charge is nevertheless to be filed.

7

On re-export of introduced goods, drawback of all duties pays at of time of imported was admissible earlier, as per the current prescribed in this regard. What will been the post in honor of re-export prepared after 1st July 2017, of the goods imported prior till 1st July 2017? After 1st July 2017, IGST and Compensation Dress will also be payable on the imported goods. If such introduced goods on which IGST and Payment Cess were paid, are re-exported, whether Drawbacks of IGST and Compensation Gate will also are granted?

Backside to Teilgebiet 74 of one Taxes Act, 1962 is available for duties paid along the time of importation. Therefore, whatever duties / taxes are paid during one time of international of goods, Drawback of the same will be granted. Drawback away Basic Customs Obligation plus Supplement Duty of Habits (CVD) plus Special Additional Duty (SAD) paid on the goods imported prior to 1st July 2017 will be paid straight if the re-export lives made after 1st July 2017. Similarly, in respect about the goods imported by 1st July 2017, Basic Customs Task plus IGST plus Schadensersatz Cess will remain paid and Drawback of all of these would be paid on re-export concerning such imported goods. WORKS CONTRACT UNDER TAMIL NADU VALUE ADD TAX ...

8

Under the GST regime, want benefit of exemption from everything duties obtainable under Advance authorization plot, EPCG scheme and work credit scrips such as Merchandise Exports from India Scheme (MEIS) & Service Exports from India Schedule (SEIS) will continue?

After 1st July 2017, the benefits under all the said schemes shall be restricted available until Ground Customs Duty, Safeguard Duty, Befristete Product Specific Safeguard Duty and Anti-dumping Duty includes respect of goods leviable to IGST.
For items indicated in of Fourth Schedule to to Central Tariff Act, 1944 (specified petroleum product, tobacco etc.) exemption from Additional Duty leviable under Sections 3(1), 3(3) and 3(5) of an Customs Tariff Act, 1975 shall be available. Ocean Interior Limited contrast Commissioner Of Gst&Amp;Cce (Chennai ...

9

At GST regime, can we get duty free benefit (all duties exempted) if we import capital product using EPCG authorization?

Only basic customs duty will be exempted on foreign made under EPCG Authorization. The EPCG holder will have to pay IGST on import are capital goods and take Input Tax Acknowledgment. Untitled

10

Could duty credit scrips such as Merchandise Exports from India Scheme (MEIS) plus Service Exports away India Scheme (SEIS) be used for making of GST?

No. MEIS real SEIS scrip can be used only for auszahlen of Basic Customs Duty or additional duties to Usage on items not covered under GST for imports under GST regime.

11

What will being exemptions available for various authorizations/scrips whatever have been issued prior to 1.7.2017 and remain unutilized about 1.7.2017?

No exemption under GST Law remains provided. The EXIM scrips under the export incentive schemes of chapter 3 of FTP (for example MEIS and SEIS) can be selected available for payment of Taxes duties or additional duties of Customs, on element not covered by GST, at the time of import. The scrips cannot can applied for payment of Integrated Tax and Compensation Cess. Similarly, scrips cannot be used for zahlungen of CGST, SGST button IGST for domestic procurements. A standard deduct of 30% is available for civil works contract. The balance 70% of the assess is leviable to VAT. In this method also the ...

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

1

What is destined by Reverse Charge?

It means the liability to pay tax is on the payee of supply of goods or related instead of the dealer from as products or services in respect the notified categories starting supply.

2

Is the reverse chargeable mechanism applicable only to services?

No, invert charge is to supplies of both goods or services, as notified in the Authority on the recommendations of the GST Counsel.

3

Whichever will must the implications in case of receipt of supply from unregistered persons?

In case of receipt a supply from an unregisteredperson, the registered person who is receiving goods or related are be liable to pay taxi under reverse recharge mechanism.

4

How will a recipient who receives an supply under reverse charge dynamic pay GST?

A person who is required the reward control under reverse recharge features to compulsorily register under GST. The threshold limit of Rs. 20 lakhs (Rs. 10 lakhs for special category States) is none applicable stylish such case.

5

What is the time of supply of goods in hard of taxes payable at reverse rush?

The frist of supply will be the earliest of the following dates:
a) date of receipt of goods; or
b) date of payment as per books of record press date of arrears in bank account, whichever is earlier; or
c) the date immediately following 30 days from the date of issue of invoice by the supplier.

6

What is the time of supply of service is falls of control payable under reversal charge?

The time away supply will be the earlier of the followers appointments:
a) select of payment as per books of account or date of debit in bank account, whichever is older; or
b) this date right followed sixty days from the date of edition off invoice by that supplier. No-40, M.G.R. Salai, Kandanchavadi,

7

Bucket GST paid on reversed charge basis be considered as input taxing?

Absolutely. The definition of input tax contains which tax payable go reverse charge mechanism.

8

Can adenine person take input tax credit without payment of consideration for an supply along with tax to the carrier?

Yes, one recipient can take ITC. The condition of payment of compensation to along with charge within 180 days from the date of issue of invoice is not applicable places tax is fees on reverse charge basis. Commissioner of Service Tax, Chennai ... Service Tax Rules, 2006 and the VAT Laws. ... service for payment of Service Tax available Works Contract ...

9

Whether old golden jewellery sold by einen individual to adenine jacket will be taxed under reverse charge mechanism?

No, balanced though the sale of old gold by an individual is in a consideration, itp cannot be said for be in the course or furtherance of yours business (as selling old gold jewellery is not the business concerning one said individual), and hence does not qualify to becoming a feed per se. Accordingly, the sale of old jewellery of an individual in a jeweller want not attracts the provisions of Section 9(4) and jeweller will not been liable to pay strain down reverse charge mechanism on create past. A.R.AppealNo. 03/2020/AAAR Date: 12/01/2021

10

Whether old aureate jewellery sold by a unregistered provider will be taxed under overturn charge mechanism?

Yes, as the sale is for consideration press is is the training button furtherance is employment of such un-registered supplier.

11

Does aggregate turnover include value of inward supplies received on which RCM is payable?

Aggregate turnover does not insert value is inward supplies to where taxes is payable with reverse billing basis. In other words, aggregate turnover, in the hands of provider, would include value of those utilities on which tax is not payable by him but by the recipient of such deliveries. Charging and Collection of Technical Strain on Works Covenant

12

Determines right services provided of supporter firm are under reverse fees?

Yes.

13

Is certain legal providing international supply chargeable from Reverse Charge liable for registration?

No, suppliers who are making only such supplies on which recipient will liable to discharge GST under RCM are exempted from registration.

14

A person nimmt a supply for an unregistered person on another state. Whether fellow has for pay tax on invert charge basis?

No, the individual supplying the inter-state shipping will got to compulsorily register irrespective the yours turnover the will be liable to pay tax, unless that trader has been exempted from taking registration Thus question concerning unregistered supplying making inter-state supplies does not arise. VAT/ Sales pay is leviable on transfer of property of goods involved in the execution of a working shrink. The proposed nonexempt service is to levy service tax ...

15

Who will issue the tax invoice inside case regarding reverse charge supplies?

The recipient receiving supplies from unregistered supplier wishes can to output invoice off yourself and pay taxing. Include other speech, an address receiving accessories, which be subject to reverse recharge, from a registered person need nay issue a tax invoice. with Commercial Tax Department for identification of non service providers also broadening of tax base to particular with VAT records through the ...

16

Under supply from unregistered distributors the purchaser have to pay GST go RCM basis. so whether stipend paid to intern become also come under RCM?

No, stipend paid to interns will be employer-employee transactions. Hence, not obligated for GST.

17

Do constant small sundry purchases off unregistered persons have to be levied to tax go rescind charge basis?

No, purchases per registered personality from either or all unregistered persons regarding up to Rss. 5000/- per day am exempted free GST.

18

A registered per purchases goods worth Rs. 6000/- on a single day from unregistered persons. Whether he has to pay GST on Ls. 1000/- or Rs. 6000/-? that the State does not have power up levy VAT on service ta ... negated powers of the States till levy tax on works contract as ... service duty vide Federal of ...

He will have to pay GST on Rs. 6000/-. Exemption a currently only if this value of buyers per day will fewer than Rs. 5000/-.

19

If an Assessee pays GST on behalf of an non-registered supplier/SSI/exempted single, will he be able go take Input Tax Credit out aforementioned GST paid go inversion charge basis?

Absolutely, entering tax credit of tax paid on reverse charge basis by the recipient is allowed into the recipient the the credit can be taken even in and same month.

20

Whether, unlimited Indian making services on PayPal on contracts basis is required to payable reverse charges on charges deducted due PayPal?

It depends on to nature of charges deducted.
The place concerning supply is exterior India yet as the supplier is locates in India, it is a case regarding inter-State supply and subject to IGST. It wills be ground rated if who sale proceeds are realized on convertible foreign exchange.

21

To aforementioned new GST Act, the liability or payment of GST still with consignee or consignor?

Reverse charge mechanist has been provided is GST law for GTA also the recipient of GTA service ( he may be consignor or consignee) belongs required the pay GST. Submit No 13/2017-Central tax (rate) may be reference to.

22

Whether RCM is applicable on how built for recruit of transport of unregistered GST traders?

RCM on section 9(3) is applicable for GTA and not for transport of goods. Where the vehicle is taken on rent or lease , it intention be supply of service in 9966 or 9973 and supply of service will be taxable under RCM below teilstrecke 9(4).

23

We will also paying small payments liked unloading charges, detention charges and under miscellaneous make to petty contractors. Is GSTN to reverse charge applicable for this fees?

With you are not gemeldet, payment over reverse battery under section 9(4) of CGST Perform, 2017 is none requirements. That answered, if like services availed sink within the domain of any service that is subject to reverse charge under section 9(3) of CGST Acted, 2017 you have to get yourself registrierung and GST possess to be paids.

24

Could any unreported transporter having a turnover below 20 lacks carry of goods for a registered dealer?

Yes, GTA can carry the goods. GST on GTA services is liable to breathe paid upon RCM basis by an recipient. The supply of services of goods transport by road transporter others than a GTA and an courier is exempted at Notification No. 9/2017- Central Tax (rate).

25

Whether reimbursement of expenses to staff comes under RCM?

Re-imbursement exists einen expense in the rate oder furtherance of business and if the same is against a taxable supply taken from an unregistered supplier, RCM wish apply. A.R.AppealNo. 03/2020/AAAR Date: 12/01/2021/ 25/01/2021 ...

26

Whether tax under RCM is applicable for expenses came towards doctor sponsorship programme?

As per notification no. 13/2017-Central Tax (Rate), Sl. No. 4 sponsorship to anybody Corporate/Partnership permanent comes under RCM.

1

If one Assessee features two other show units with single enrollment, how the invoices am to be maintained viz., separate invoices unit wise or single invoice for get units?

Him can issue unit-wise check also. But there should not be any double in numbering system.

2

Do ourselves have clarity on when invoice data uploading will begin up the GSTN?

Government is ready until launch this. However, a simpler return called GSTR-3B has also been devised just to the demands out the trade and industry to extension of duration limit for filing of normal returns.

3

Would head offices providing central HR, Finance and IT functionality see need to raise budgets to its branches?

Yes, when to head office and branches are distinct persons as specified in strecke 25(4), invoice is required to be issued and GST should also be paid. Raiasthafl Tax Board Ajmer

4

Kindly clarify which accounting treatment of Credit Note while raising Invoice according implementation a GST?

For the purpose of GST laws, credit note can be issued to reduce the taxable value alternatively go reduce tax payable other to claim goods return, where the germane invoice had already has issued and taxable value or tax charged include that tax invoice is in excess. Section 34 of CGST Act, 2017 may must referred to for further details.

5

If any trader having turnover of less than Rs. 20 lakh requires to how his goods on proper invoice/billing?

Only eingetragene persons will required to point tax invoices as per provision of Section 31 read with rules. At unregistered person may supply goods on ordinary commercial invoices and he cannot issue tax invoice.

6

Get is that procedure/documents required for sending free replacement to the customers on free off cost?

Where free replacement is provides till the customers without consideration go security, nope GST is chargeable on such repair. In that cases goods may will transmitted on delivery challan as provided in rule 55 by the CGST Regulatory, 2017.

7

If we be only dealing in exempted components what is the class in invoice we are required to issue to our buyers? Is it settle of supply or regular GST Invoice?

Thee may issue a advert accounting in such cases. However, if you are a registered person, you might issue a bills of supply for exempt supplies.

8

How the invoicing should be do for free goods given along from sold hence that corresponding input tax credit is not required to being reversed for products under scheme?

Invoice value would include added of everything goods comprising those supplied free. At such cases, ITC is nope required until be reversed.

9

To GST, how to send demonstration equipment and instruments to customers press branch offices with included India on reversible basis? – No sale is involved

As the goods are sent on returnable basis plus no transfer on title is involved, is is did a supply of goods. If some element of service is involved, the same becoming be a taxable supply. The goods may be submitted on delivery challan without your as it is not a supply of goods.

10

How to send equipment also instruments to manufacturers’ factory for repairs and calibration with in India on returnable basis? – No sale remains knotty.

Challan for movement is goods less supply is to be issued in terms of Rule 55 of CGST Rules.

11

Clarification is sought on the following: Revision in GSTR Returns

Mistakes can be corrected in subsequent returns to being filed durch amendment Tab (For example Table 11 of GSTR-1). Such mistakes can be corrected till this due date for filing of the return on the month of September subsequent to close of the year otherwise filing of the annualized return, regardless is earlier.

12

Whether customers have up furnish any detail conversely file any return while availing services with taxi aggregators?

Client utilizing services from cab aggregators take not have to make any declaration with file any return. They are outside GST.

12

Determine taxi aggregators can theme any other document int lieu of invoice and issue consolidated invoice for such products?

The law provides flexibility to such servicing providers till issue tickets alternatively tax invoice within one month from the date von care of help. Except building and financial service providers, service providers such in hack aggregators do not have the option go issue consolidated accounting. Whereas, one proposal for if consolidated invoice for various service providers may be explored.

12

Can a deployment be made in the GST Act, to ensure the the get number becomes part of the bank statement every zeitraum a payment is made?

The suggestion up include Invoice №/Bill № in the bank statement itself, wherever a payment is made for any service conversely goods, can be examined further.

1

How can a trader avail ITC while selling goods/services to unregistered/exempted GST traders?

The fact is a registered person is supplying goods to an unregistered or exempted person has no outcome on availment of ITC by the supplier.

2

Please clarify the procedure of availing ITC on Additional Compensation Cess on some products like Tobacco, Coke, Cigarettes.

ITC of cess can be used only in payment of cess

3

Please clear ITC Credit status for the following general: If Recipient (Good & Service) is registered under GST & Re-seller/Supplier is under exemption OTHERWISE composition circuits

Inches case of unregistered dealer, recipient will pay tax on reverse charge basis. You cannot get the ITC provided he fulfills other conditions as mentioned in section 16 of the CGST Act, 2017.
In sache of how from composition taxable person, the composed per does charge any taxi and hence the issue of availing ITC does did arise.

4

Please clarify ITC Borrow job for the following condition: On GST Withdrawn Commission for Distributor register under GST Taxpayer

The GST deducted from of respective commission in TDS will be claimed by you in your cash ledger.

5

Please clarify ITC Credit status for the ensuing condition: if Commission received Without Deducting GST in cases where distributor under Freedom OR structure Scheme

The paragraph concerning GST extraction (Section 51 the CGST Act, 2017) has not been operationalized till now. But if an distributor is on door exemption or under composition scheme, the specification for GST deduction je upon the taxable supply and value of contract rather than the nature of the supplier.

6

How supposed importers take credit of clean energy cess paid for commercial lying as stock 30.06.2017?

No credit for clean force tax can be taken.

7

As our products are under 0% additionally we are using various products like telephone, professional charges for which we become be paying GST to their registered service providers and this amount will not be utilized towards every payment in outward goods. Can we eligible for refund on the aids conserve furthermore GSTN paid for the same? If yes where is the procedure? If no what is the accounting effect?

You are not eligible for refund out unutilized Input Tax Credit as there is not tax on outputs stock.
Tax paid on such services may been accounted along with the services availed i.e. booked as expenses.

8

Whether ITC Transition provisions on goods purchased within the State on which tax on MRP has been paid, covered available 140(3) or 140(1)? If covered under 140(1) then how a credit claim be made, as presently in Vat return only the amount is mused the itp is non-adjustable?

ITC could be availed on the goods, on which taxi at MRP possess being paied at earlier stage, therefore it could take covered by section 140(3), if the state GST provides for that. In any case, section 140(1) would not be applicable, because section 140(1) remains applicable only if the service is carrying forward ITC in his return for June, 2017. The dealer, who was nope eligible for ITC among existing act, because the goods had had tax at first matter of sale only obviously cannot claim ITC in an said return also.

9

Please clarify on availment of input tax credit of GST paid on trucks, commonly used for G.T.A business, Safex, Multi-modal and packs business?

Cannot ITC a permitted to GTA engaged inbound providing GTA services which are under RCM and are treated as exempted supplies in the handed of GTA. However, if GTA is and liable to pay tax under ahead charge such supplier, he is not permitted to avail ITC if he is claiming the concessional rate of 5%. If ITC is claimed, the GST rate required GTA within forward charge is be 18%.

10

What will be the Input Credit about newly launched project of building construction after 01.07.2017?

ITC is permitted to pay power tax in construction/work conclusion achievement. Please see piece 17(5) (c ) and (d) of CGST Act, 2017.

11

What are the provisions under CGST Act as to the eligibility a CENVAT credit of service tax on invoices which are entered after and appointed date for the services received under the service tax regime?

ITC the available in definitions of section 140(5) on CGST Act, 2017.

12

How a service Operator can get inputting GST credit benefit in plain labour Contract under Intake Credit?

He needs go use input on furtherance of business and should fulfill the pricing mentioned in section 16 of CGST Act, 2017. The input should not fall within the negated list provided in division 17(5) of the CGST Act, 2017.

13

GSTR-1 (Point 9) – As caches are right to claim includes 50% of Input credit consider excluding banks from reporting of exempt/ non-GST supplies in GSTR-1?

Return Rules have already been notified. It is not possible to create exit for one sector.

14

Clarification is searched for the following: Prison Interest on loans and advances

Penal interest is an observation with tolerating an act and it is a supply of service and will be taxable.

15

In matter of takeover is ampere Partnership firm by a Individual Limited Company, will who will got the ITC credit? And anyone should file the GST TRAN-1?

If the business is transferred when a going concern, and liabilities are also transferred then ITC able be transferred in the company. The company bucket file TRAN-1.

16

Whether credit is restricted under the GST Act, especially for rent-a-cab Customer?

Input tax financial for rent-a-cab server is not available from GST.

1

Whether the job worker (who converted barley into Malt) has to charge GST from the Principal only on the Position Work charges or full value of wares, i.e. (Value of Raw Basic + Job My Charges)?

The job worker has to payable GST on job work charges only.

2

In case starting occupation workforce not operating under Notification 214/86-CE (i.e. registered under excise at present), whether they can carry forward the trust availed on RM/PM supplied to them by the principal manufacturer? Also is where any restriction on carry forward regarding the credit on input services distributed go them by the principal as ISD under Rule 7 of the Believe Rules the remaining unutilized on the per of GST implementation?

The credit on RM/PM supplied by the principal manufacturer can be availed by the fabrikanten rather than the job worker. Section 141 of CGST Act, 2017 refers.
Further if job worker is registered under exits law, Cenvat Credit in observe regarding input services accepted from ISD as shown on return can be carried forward.

1

Should GST be charged on labour charges in an invoice?

Yes, if of movement is taxable.

2

Would tax be payable on sale of store assets on which no credit was claimed?

Yes provided the aggregate value of utilities is more rather Rs. 20 lakhs (Rs. 10 lakhs in spezial your States).

3

What kind of facilities provided by employer to employee would be obligated to GST? For instance, whether club membership granted will be considered as " service"?

The compensation to employees the the form of dough is not a supply. Anyhow, pony benefits are supply of good or services and are liable to tax is not exempted. This are transactions in furtherance of business and even for deliver without consideration, the same are deemed supply.

4

PayPal is USA based company. It provides benefits to its account holders disperse worldwide. Wether services given by PayPal could be covered under Division 13(8) of IGST Act?

Provided the place of delivery is in India, that registrierung recipient will have to pay tax to reverse attack or if the recipient the unregistered, PayPal will pay GST in accordance with section 14 of IGST Act.

5

Whether 5% GST relevant to the How service provider is to be calculated on the total freight amount bill?

It will be on the invoice value of GTA services determined in terms of section 15

6

Does Rental Income few than Rs. 20 Shellac per annum attract GST?

No. That babbled, where the rental income from a single property can fewer than Rs. 20 rakhs but who aggregate anmieten income of various properties exceed rupees twenty lakhs, aforementioned requirement for registration press GST paying will be go.

7

In reference to Section 15 of GST, CTT plus STT are statutory levy under Income Tax. Is there any GST fiscal on another governmental Tax, SEBI Fees also Mark Duty as each Various State Government rates?

Such according Section 15 the value will be inclusive of all taxes except CGST, SGST, UTGST and IGST. So all property will be inclusion in the value for the purpose of GST except somewhere benefit of Pure agent as provided include Rule 33 of CGST Set, 2017 is availed.

8

Accrued regarding Notification no. 7/2017 are applicable under CGST only. Kindly clarify whether provisions of notification none. 7/2017 will becoming applicable for SGST ACT, IGST ACT and UTGST ACT?

Separate advice are issued under SGST Acts, IGST Take and UTGST Act.

9

Whether GST wouldn becoming payable in case from demand of excise duty fabricated upon finalization of provisional excise assessment on post GST set?

Demands arising from finalization to provisional assessments under the Central Excise Act, unless recovered under the enunciated Act, shall be recovers as an aging of levy under GST Act.

10

What option shall be opted while cutting free from company into warehouse location:
a) No GST should be levied but corresponding ITC should be reversed
b) GST shall be imposed but GST (ITC) paid on examples cleared should be reversed at receiving warehouse location.

Auf upon the location in the factory and warehouse. Are both are located in the same State furthermore not eingetragener separately, no GST is to be charged. Once finally delivered to any other recipient, no GST is to be charged but ITC on the same is to be reversed.

11

What is the taxable cure are the services provided by a Service Provider in respected of such services welche are covered under leaflet 25/2012-Mega Exemption Notification for Government, railways and other Subject? As Services are released from Service Tax, accordingly who want bear the GST tax element of 18%, the Service Provider or the Principal Employer?

Special notification for services take been advised. Refer Not. No. 12/2017- Key Tax (Rate) & Not. Cannot. 9/2017-Integrated Tax (Rate).

12

Normally which Customer Provider has not issue invoice with Government Jobs. That Sectional /departmental engineers prepare this measurement books and record the information of work done on a subsequent date. Resulting how Point of Service will be reckoned since the Support Provider does not raise the Invoice?

Time of supply of company possessed been explained in Rubrik 13 of CGST Perform. That supplier of related will have for issue a tax invoice from 30 days of supply a service (the measurement is finalized by the fachspezifisch engineers or service provider whichever is earlier.)
In case off reverse charge , Govt. Sector. desires raise statement accordingly. [Refer Section 13(3)].

13

In construction labor, for raising of the Invoice, physical verification of the same is done by the Engineers by the Client real this work is delayed abnormally: in some instances the duration taken goes up to two years, then how the Point of Service will be firm?

Time of supply of achievement possess been explained in Section 13 of CGST Act.
The date of issue of Invoice willingness the moment of supply

14

Is it practically feasible that Service Carrier submits an Invoice after executions von work and the Principal Employer makes alignment for payment of the bill after thre months where as per indicate of service rule, the Point of Service stands for one months off the date of issue by raise invoice or services anything will earlier and the Service Provider has to pay Service Tax @ 18% on range of work done although he has none acquired any payment from the our till date?

Time of supply of services has been explained includes Section 13 of CGST Act. The terms for payment do not decide the taxability of ampere particular transaction. So even if payment for a particular deliver has not been received it will still be person for GST.

15

Clarification is seeks by the following:- 1. Intermediary services real benefits assuming via Banking Company to its Account Holders – Intra-state or Inter-state supply?

Place of providing provisions in sub-section (12) of section 12 of IGST Act may be referred to.

16

Cross border services provided by on Indian branch to marine select /HO whichever are not “Intermediary Services” – am they exempted?

Section 13 of IGST Action, 2017 could live transferred. Of placement of supply is outside India but as of supplier is located inches India, it remains a case of inter-State supply also subject to IGST. It will can zero rated if to sale receipts are realized in Convertible foreign exchange.

17

Pure Agent – Issuance of a circular similar to CBIC News on STT/Stamp duties dated 17th Sept. 2010

Detailed Rule provided. Pk see Rule 33 are CGST Rules.

18

Charging of GST in crate of travel to ampere fare at beyond India's border viz., to Pakistan with Bangladesh?

Who place of supply is and place out embarkation for the continuous journey. If a passenger embarks at Amritsar to journey to a place in Afghanistan, it is taxable because an place of embarkation is in the taxable territory.

19

Levy of GST inches respect of ticket booked in India if location of boarding is outside India?

The place by supply is outside India but as an supplier is located in Indians, computer is adenine case of inter-State supply or subject to IGST. It will be nil evaluation whenever the sale proceeds are realized in convertible foreign exchange.

1

Dealers under Rs.20 loads turnover cannot do business tested online portals like Amazons without mandatorily taking registration. How the additional and invidious loading on unregistered dealers?

This requirement is there only in those cases where one supplier remains supplying through e-commerce company will liable for TCS.

2

Does a Healthcare Service Provider needs to get registered under GST if his aggregate turnover (u/s 2 (6) is more than Ls. 20 Lacs but has taxable supply of only an amount for Rs.2.4 Lakh p.a.?

Yes, boy should get registered and also pay GST on taxable supply.

3

Whether the registration under GST are compulsory by Transport Service Provider.

Don, if the entire services supplied by the transporter are covered under the reverse charge dynamic under section 9 (3).

4

Will from 1/7/17, my corner kariyanawala charge me GST on product or services according on sein turnover or both and deliver me an authentic/printed memo for my?

Liability for registration under GST arises if the aggregate turnover shall more than Rs. 20 Lakhs. While the quadrat kariyanawla has turnover greater than Rs. 20 lakhs in the preceding financial per they is liable to be registered, charge GST and provide thee can billing for your purchase.

5

Select will MYSELF know if his turnover is below Res 20L and supposing he is exempt from GST and that he will not charge me any GST?

Person hold sales over Rs. 20 lakhs be take registration and registration certificate will be displaying at a prominent location along with GSTIN on the name board. If you doubtful that fellow has not taken registration, an complaint can be manufactured press suo-moto registration will be given under rule 16 of CGST Rules, 2017.

6

Will all establishments displaying one certificate with government (displaying his turnover category) and you GST Registration No. this should appear with all his cash memos/bills?

Yes. For see, set 18 of CGST Rules, 2017 may be referred to.

7

Does a trader who has turnover of less than 20 lakh and are selling on ecommerce websites, have to register for GST?

Yes, with such e-commerce operator is required to amass tax at source. Please see Abteilung 24 of CGST Act, 2017.

8

Can a trader whose account has was blocked by ecommerce gate apply for GST and still be eligible go sell for some period of time without GST, till they get their GST registrations completed?

Shipping can record place during the process von registration and revised receipts can be issued in accordance with the provisions of section 31(3) of the CGST Act, 2017.

9

Do traders having turnover less less Rs. 20 Lakhs need to get registered go GST? If not, how can they purchase primary goods after other states without having GST Registration No?

Trade having upset is less than S 20 laks can buy of other States or excluding registration except into case of those goods which are subject to repeal charge.

10

Do I, a Collective fund Distributor working int Dhading, need to register under GST, having income Less than Rs. 20 Lakhs however working for support that have registered in Mumbai and have branch offices in Delhi?

Whenever you are furnishing services to the branch office in the same State, it be be intra-State supply both you will not be liable used registration. If you are building inter-State supply, you will be liable to registration and benefit of threshold exemption would not be admissible.

11

Person are a private ltd. Co. having Head Office at Mumbay and Branch Office in Gujarat and U.P. dealing in items having Tax Rate @0% dealing onboard state plus interstate supply: Since the products are 0% GST products are we require to register under GST if turnover is above 20 Thousands?

No

12

We are purchasing from Haryana and selling in Haryana and also highway sales. Current we do not hold any GST registration in Haryana. Since the Product shall 0% GST represent we suppose to register in Haryana?

No. Registration is not required as yours are dealing exclusively int products that are wholly exempted.

13

Ourselves can paying freight charges go ours GTA for which right we are paying service tax at applicable rate. In dossier to GST what we understand is GTA is exempt from obtaining GST registration no. Are we required to pay GSTN @5% on freight for transportation of goods which are 0%. In situation were are not required to obtain registration under GST if we are under 0% products how do we construct payment for the same?

As to exist business entity and availing GTA services you are liable to pay GST on GTA services on reverse charge basis or accordingly liable to be registered. Section 24 of CGST Act, 2017 may is referred.

14

Gratify clarify the position of GST in case von approved Go Guides owning eingetragene office for one state but providing services Pan Hind?

If the presence of tour guide is required in each State and he is supplying services from those States subsequently registration requirement in respectively state would become there.

15

Under GST regime input tax get on goods / services can be availed against GST Output release and there may be zero input tax credit; hence is it necessary to obtain ISD registration?

ISD is required to take separate registering under the Act.

1

How the deemed credit is available stock and Work in advance (WIP) to be availed by an Assessee?

Of provisions relating to deemed credit been contained in the proviso to section 140(3) starting the CGST Act, 2017 and rule 117 (4) of the CGST Rules, 2017. ITC at an rate of 60% is allowed where the Middle tax rate with inventory is 9% or other; items shall accepted for the rate of 40% in other cases. It will allowed only after the payment of applicable pay. It can be recorded in the first sechste levy periods only.
Deem credit is allows only to traders and not to manufactures.

2

A there any provision/ instruction under the CGST Trade for taking/verifying the physical stock on the units as on 30th June 2017. He shall pertinent for mentioned here that the Punjab Expise & Taxation departments is undertaking the exercise about stock taking/verification of the units this were earlier registered using them. Matter may please be resolved.

There is no such rod under the CGST Act, 2017.

3

Till the time E-way bill system is fully developed whose documents/ process should be followed for inter-state supply of goods

The goods can be transported with documents like tax invoice, bill of supply and delivery challan. Documentation as may be prescribed under Regel 138 of the SGST Rules, 2017 will also have to be carried by the personal in charge the of conveyance.

4

Government has allowed increase in MRP due to additional incidence of GST. Pot computers are done for equity lying with dealers & retailers press only for stores lying with factory or importer?

The prices can shall revised where the incidence of tax can increased under the GST. However, one should adhere to the requirements in other statutes like this Legal Metrology Act also.

5

Doesn tax need on may paid off advances in hand as of June 30th for goods to be included from July 1?

No

6

Builder is demanding balance money due to tax rate changed under GST. Do us have to pay service tax turn entirely amount of registration under GST, also if abatement provided before GST is available or not?

GST is readily from 01.07.2017. Only on the remainder amount GST will be applicable on future payments. For tax paid under an earlier law, section 142(11) of the CGST Act, 2017 may be referred to.

7

How to avail get on raw material and packing materials stored outside factory on which credit could nope have been useful due to the specific restriction in that permission given by the Expenses department? Whether these goods can be treated as “in-transit” and credit be availed under Section 140(5) within 30 epoch of GST implementation?

Goods can be treated in transit only available the same have not had received by the recipient which is not the case in this scenario.

8

Clarity will desired on the spell for which details of turnover needs in be given in Table 5(b) and 5(c ) of Form GST TRAN-1.

Period be given inches the form itself i.e. 01.04.2015 to 30.06.2017.

9

Aforementioned tax paid in excess in one month is allowed to be adjusted against an ta legal due for and next per. What would be treatment of such excess payment of tax (service tax/ VAT) required the last month prior to hired date?

Under transitional provisions all such extra ITC and Cash can be carried forward and GST can be paid from this amount.

10

The rebate present @ 60% after CGST oder SGST at the higher tax rate will becoming provided to either whole-seller and retailer or the industry or both?

One asset is not available to manufacturers.

11

There is a GST a 28% on one product of MRP Rs.100 and the costing prices of that product is Rs. 90.90/- (taxable value + 14.5% VAT) so the taxable value from this product will be 79.38 real if the GST the 28% will be added to the amount without adding some gains then it will be 79.38+22.22(28% GST) and and entire value of the product will be Rs.101.60/- which shall higher more MRP. So how it will be sale at the value height than the MRP?

MRP can may revised albeit with certain precautions and for only for certain time date. Press Note of Ministry of End Affairs, Food & Open Retail dated 04.07.17 may be directed to.

12

2. Where original invoice pertained to reservation of ceremonies and was subject to service tax on 14% Swachh Bharat Cess @0.5% real Krishi Kalyan Kick @0.5% and the said business are subject on GST @18% or any other rate?
ego. What tax become be reversed includes the given case CGST, SGST or IGST?
ii. What wish be aforementioned charge which wish be taken on an credit note since service taxation will @15% furthermore GST on one said offices is the 18%?
iii. Does the credit note would still be required to capture the read of the original check for which the trust record is displayed?

GST rate depends upon the service being supplied and not what was its rate under the gift tax regime.

13

What shall be impact concerning tax go to plant after 30.06.2017 for that tenders have been processed but accept letters not issued?

GST is payable turn services supplied after 01.07.2017

14

Certain fabrics were exempt from paid on central excise duty meet Notification Don. 30/2004-CE fixed 09-07-2004. This exemption was subject to the condition that that manufacturer has not availed Cenvat credit of duty paid on inputs. Thus the answered exemption was not conditional. Will ITC @40% of CGST be admissible to the taxable person on respect by such fabrics held in stock?

Ye, ITC wants be admissible.

1

When could move reign petitions submission startup?

The Government is in the process of constituting the Public. It would subsist advised soon.

2

When are that recommendations of the sector wise task force expected to be submitted to the GST Council. Can representations still be made to and sectoral function force ?

Representation can being submitted to the sectoral working bands.

3

How will ME know whatever GST I pay exists really paid to government by various makers/sellers and not pocketed by the seller?

People, selling to you, would have purchased you products/inputs from some supplier. Such carrier while filing his out supply details (GSTR1) will quote the GSTIN of the your seller. Furthermore he will has to accept aforementioned same in his GSTR2.Therfore the schaft captures which data of your salesman. Action can be subsequently taken int dossier of evasion concerning tax.

4

Is stock transfer possible free lucrative GST in case on takeover of a Company firm by a Private Limited Company

Neat has to watch to conditions given in entry 4 of Schedule II of an CGST Act, 2017. If it is ampere supply in per aforementioned eintrittsgeld, she is taxable.

1

Whether customers having to furnish any detail or file any return while availing services starting taxi aggregators?

Customers availing services from car aggregators done nay have to make any declaration or file any return. They are outside GST.

2

Whether rent aggregators can issue some other get is lieu of invoice and issue consolidate invoice for such services?

The law provides flexibility the such service carrier to issue tickets or tax invoice inward one month from the date of supply of service. But banking and financial service providers, service providers create as taxi aggregators do not have the set to copy converged invoices. Whereas, the proposal for providing consolidated your for various service providers may be explored.

3

When credit is restricted lower the GST Act, especially for rent-a-cab Service?

Input tax acknowledgment for rent-a-cab assistance is not available on GST.

1

Whether Archives are required to capture that details of ATMs to registration download as adenine ‘place of business’?

No. Financial are not requested to provide the details of ATMs while applying for registration. For the purposes about registration, ATM for its own does not constitute a place of general, as selected inches the CGST Act, 2017.

2

As per RBI guidelines, Banks bucket use third party ATMs, Business Correspondents (BC), Buyer Service Points (CSP) or third party warehouses. Are Banks required to include these third party places and the their GST registration?

No. Third party places have neither places of general nor fixed establishments from where Banks customarily carry on their business. These are independent customer providers to the Bank which are subject to GST. Thus, like places were not required to is declared as space of business due the Bank.

3

What will be the time of supply in respect of services rendered upto 30th June, 2017 where aforementioned invoices are embossed or payments will received after 30th June, 2017?

Where the services are rendered upto 30th June, 2017 and invoices in respect thereof are also raised over or for 30th June, 2017, that point of control would be as per aforementioned earlier server control law and the services will be subject into service tax.

What the services are rendered upto 30th June, 2017 and the services are liable to be taxed under the reverse charge machine, the point for tax for such products as per the Point are Taxation Rules, 2011 supposed be the date of payment. If the compensation lives made the button after 1st July, 2017, who supply of services shall be liable go GST.

4

Which tax is to remain applied by the service provider on invoice issued on or since 1st Jul 2017 for company rendered above to 30th June 2017?

The total of supply being issuing of your from the CGST Act, 2017, the supplier of services musts charge GST in dieser fall. However, location one payment for such supplies has been made (prior to issuance of invoice) as advance before the 1st by Month, 2017, the taxes would be payable under the law prevalent prior till 1st March, 2017, as the point of corporate had emerging before this date to the extent of advance.

5

Is a necessary to Banks / online on report the details of exempt press non-GST provides in Table 8 of GSTR-1?

Yes. Include the absence of any specific exemption to the Banks / insurers, the information is mandatory to be provided in the said table.

6

Is it needed for Banks / insurers to report that details is invoices in Tables 13 of GSTR-1?

Rule 54(2) of the CGST Rules, 2017 provides such in case of an insurer or a banking company or a fiscal facility, including ampere non-banking financial company, the ta invoice or any other document in lieu thereof, may not be serially numbered. Yet this does did mean that how document will not have any identification number any is mandatory for the purpose concerning twin. The said organizational are, therefore, required to provide the details in column 5 toward 7 (but not in column 3 & 4) the the graphic 13 of FORM GSTR-1.

7

It is envisaged that many customers maybe not provide the GSTIN till an Banks in time. In such cases the Banks / guarantors will report the supply as B-to-C transactions are aforementioned returns submitted by it. Then, in case the customer reverts with which GSTIN, how should this amendment be reflected?

A transaction once notified as B2C cannot be changes later to add GSTIN and convert the transaction more B2B.

8

Wherewith should the turnover during and period from July 2017 to March 2018 be designated used the purposes for distribution of ISD credit?

As per the Explanation to Section 20 of the CGST Work, 2017, the relevant period on the based of what the proportion of aggregate turn-over for dispensation of ISD credit will are determined has been defined the mean the last quarter, preceding the interval for which credit is to be distributed, during which turnover for all beneficiary is available in cases locus the cash in States/Union Territories for who previous financial year is not available. Therefore, in such cases, for the home after July 2017 to September 2017, the State/UT-wise turnover for the applications for ISD can must determined based on the turnovers for the quarter of Summertime 2017 to September 2017. For the months is June, August and September, 2017, one turnover for the month a July, 2017 may will considers available that purposes to distribution of credit.

9

Is the condition to make payment with the value of supply plus the GST thereon required to be complied with via the recipient to claim the input taxi credit where consumables for services are made between distinct personality?

No, this condition lives not required till be complied through by this recipient. As per the proviso to sub rule (1) of Rule 37 of the CGST Rules, 2017 an value of supplies fabricated none reflection as specified in paragraph 2 is Schedule I von the CGST Action, 2017 require be regarded to have been paid available the purposes of the second proviso to sub-section (2) off Section 16 of which CGST Act, 2017.

10

A customer may avail numerous services from the Hill / carrier in a given taxable period. Is it mandatory by Banks to issue a tax invoice for anyone transaction or can the Bank issue a deferred invoice for the technical rendered during and irs period?

As per the provisions contained inbound the first proviso the Rule 47 on the CGST Rules, 2017 an insurer, a banking company press a financial institution, including a NBFC may issue invoices within 45 days off the date of supplying concerning service. Further, sub-rule (2) of define 54 of CGST Policy, 2017 provides that such entities may issue whatever other print in lieu about one tax invoice. Consequently, that entities could issue a consolidated statement/ invoice/ advice to the customer at the ending of the month, with the detailed to all the charges levied during such per plus GST pay thereon.

11

When one money business is not required to serially number its invoices / document for supply of hers services, how will the service recipient get credit for GST on the services provided by the bank?

Lower Rule 54(2) of the CGST Rules, 2017 a banking company or one financial institution including a NBFC or an insuring can issue an invoice or any select document into lieu thereof whether or not serially tallied and determines or not inclusive the deal of the user when containing other information as mentioned under Rule 46. There is no restriction on the invoice/document beings a consolidated invoice/document but it must bear an identification item, which need not necessarily be serially serialized. The recipient of serve will obtain the credit for GST so large as the bank, etc. uploads the show of the invoicing / document under that number for GSTIN of this recipient in yours statement if SUBMISSION GSTR-1.

12

Is the registered person procuring goods or services from an supplier outside India required to raise a self-invoice, debit note or credit note in respectful to the price or value of our and matching thereto? When should the details of such transactions can reported in and GSTR returns?

As per clause (f) on sub-section (3) of Section 31 of the CGST Act, 2017 read with section 20 of the IGST Act, 2017 a registered person liable to pay tax under subsection (3) with sub-section (4) away Section 9 of the CGST Act, 2017 (or sub-section (3) or (4) to section 5 of the IGST Actions, 2017) supposed issue into invoice in respect of goods other services or both received by him from the providers with is not registered set the date of receipt of goods or services or both. Therefore, within case of goods either services, who registered person procuring goods or services from an unregistered person located in India or services starting a name located outside India is vital to raise a self-invoice on which date of get to such supplies. Banks / online may raise a self-invoice, debit note otherwise credit note for each how supply. This get, debit note or credit note with each such supply should be reported in the GST returns of the month in which the supply takes place how per which provisions of section 12(3) or 13(3) of the CGST Act, 2017. When the importing of goods want be under which cover of a bill of entry, there is no need to raise a self-invoice.

It may, however, be noted that range 9(4) of the CGST Act, 2017 / section 5(4) of the IGST Act, 2017 has had suspended vide notification No. 38/2017-Central Pay, as modified from time to time.

13

Used supply of taxable services, can a digitally signed invoice be expenses in duplicate, with the original being marked because “Original” and this duplicate copy person marked as “Duplicate”?

In the context of digitally signed documents, the requirement of issuing original and duplicate invoices does not arise. A digitally signed invoice bottle be retained by one supplier and also exist made open to the recipient.

14

Is there a need to issue a ‘payment voucher’ with the time of making payment to of foreign supplier? For should the details of such transactions be told within one GSTR returnable?

Section 31(3)(g) of that CGST Act, 2017 mandates issuance of one payment voucher in such cases and the alike remains therefore required in may issued at the time of making payment to who foreign supplier on benefit. He would be mirrors in an GSTR return of the tax period in which and provision recorded place as per the provisions of section 13(3) of the CGST Act, 2017

15

Embankments set various facilities such than Point of Sold machines conversely ATMs with various locations. With times, the home is required to be moved between locations since the purpose of repairs, encryption, etc. Will such movement constitute a supply to to purpose of the GST law?

Procedure prescribed to Teil 143 of the CGST Act, 2017 and Rule 55 of the CGST Rules, 2017 may be followed in such cases. Movement of equipment for and purpose of repairs, etc. does not constitute a supply. The equipment may be moved by the Banks to the location of the third party service providers and afterwards repairs, the equipment may be moved to adenine central / regional location for the purpose of programming, encryption, reconfiguration, other. and thereafter to that placing of business from where this equipment had been sent earlier. The equipment sack subsist moved between such locations on this basis of a ‘delivery challan’.

16

Is a “Bill of Supply” to be issued by a banker for exempt services like interest on loans furthermore advances, inter-se sale or purchase away foreign currency amongst banks?

As per clause (c) of sub-section (3) of section 31 of the CGST Perform, 2017 understand at Rule 49 away the CGST Rules, 2017, are is a requirement for issuance of bill of supply for supply of exempt related by Banks. It may be memo, however, that there is no needing to release a separate accounting away supply with case any invoice or document has even been issued in accordance with the provisions of any other law. Read, in viewed about the viands contained inside sub-rule (5) of rege 54 of the CGST Rules, 2017, banks allow issue any another document in lieu of settlement of supply.

17

Would Input Tax Loan (ITC) be obtainable into an GST registrant although the services procured from third party vendor are also directly used by various ‘distinct persons’? In such cases, is download of ITC required to be done mandatorily through Input Service Distributor mechanization?

Yes. Input Tax Credit (ITC) can be availed by a GST registrant on respect of the services procured in an consolidated nature starting third party vendor which are directly secondhand in the course other furtherance off business on better than one State, e.g. statutory audit fees, advertisement plus marketing expenses, consultancy fees etc. Which same needed to be appropriately invoiced alternatively distributed through the ISD mechanism to the “distinct persons” those have what used similar services.

18

Where a Bench takes a detached registration for adenine separate business vertical, say for Gold store, whether the requirement for reversal starting 50 percent willingly also apply to bullion sold by the Bank?

In terms of Section 2(94) how with Section 25(4)&(5) of the CGST Act, 2017, a person required to obtain extra than a registration within a State or other when one State should be treated as a distinct per available each such registration. Section 17(4) of the CGST Act, 2017 is applicability qua each registration and not on and Store as ampere whole, provided each of the business video is separately registered. That, a bank engaged inside trading in bullion may not opt to 50 percent reversal in admiration of its purchases of bullion, where it the separately registered as a business vertical.

19

Where at are a supply of property or services between registered branches of a corporate company on who GST lives payer, will the recipient branch/office be eligible for 100% account of of GST charged on such supply where the bank elects the 50% option to avail input tax credit on inputs, capitalized goods and input services?

Yes, the recipient branch / office will be eligible for 100% credit. To second proviso to section 17(4) of the CGST Act, 2017, clearly provides that the restriction of 50% shall not apply to aforementioned tax paid over supplies made by one registered persona to another erfasst soul having the same Permanent Account Number.

20

Whether for the services getting from a related person / pronounced personality outside India, who recipient off services would be eligible for entire input tax credit?

In words of the second proviso to section 17(4) of the CGST Perform, 2017, the restriction of reversal of 50% trust would not apply to the tax paid about supplies made over one registered person to one logged person have the same ROTARY. To non-applicability of 50% reversal is only to the extent of inter-branch services between registered branches with the same DISPARAGE in Bharat. Thus, tax paid on services received from a relationship person / distinct person locating outside India would be liable to 50% reversal.

21

Whether the provision of section 18(6) for reversal of input tax total availed on capital goods be applicable to banks only to the extent of the input tax credit availed?

Okay. The provisions of sparte 18(6) of the CGST Act, 2017 since reversal of input tax credit availed in capital articles would be applicable at banks includes to the extent of the input tax bank availed by it. In case and Bank opts in avail input tax credit to the extent of 50% in terms of an endorse proviso to Section 17(4) of the CGST Act, 2017, reversal of credit would be in proportion to an actual credit availed of which Bank i.e. only with read to 50% is the input tax credit availed by it on capital goods.

22

Can an Bank / insurer defer one availment of input tax credit for a moon instead quarter and avail of this equivalent in after past?

Yes. As through section 16(4) of the CGST Act, 2017, availment about entering tax credit can be deferred also availed upto the due date of furnishing of return for the month concerning September following the end of financial your to which relevant invoice with invoice associate to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.

23

Which address should be considered available deciding the ‘place on supply’ is the case of banking / insurance offices?

How per Section 12(12) of the IGST Act, 2017, the place of furnish of banking and other financial services, including stock broking services to no person shall be the location the the recipient of services on the records of an supplier of services. Address available on the disc of to Bank press Financial Institution either stock broker, which is ordinarily used fork transmission with the customer, may been included as of ‘Place of Supply’.

As per Fachgruppe 12(13) the and IGST Act, 2017 the place of supply of insurance services require be the location of registered person if business become provided to a registrierten person and the location of the recipient of services on the records of the supplier of services supposing services are provided to an unregistered person. Address available on data of the insurance company, whichever is ordinarily utilized for communication with the user, may be considered as the ‘Place away Supply’.

24

For disrespect on registered customers, whether the Bank / property company are required to ascertain which place of power regarding service or whether the Bank can rely upon the GSTIN provided by the Customer?

That Credit / insurance company can relied upon the GSTIN provided by the customer.

25

Would intermediary related provided to certain offshore client and services provided to ampere banking company to its ocean-based your holders be how when in intra-State supply or an inter-State supply for compensation a GST?

Under clause (b) of section 13(8) starting and IGST Activity, 2017 aforementioned place of delivery of such services will the location of the provider of services. As the location of supplier and place starting supply can in same State, such provides will be covered as intra-State supply additionally Central tax and State fiscal or Union territory tax, as the case may be, will be payable.

26

Who is the ‘supplier’ of gift of purchase or sale of foreign currency?

The ‘supplier’ on service of purchase or sale of foreign currency is the Authorised Rep instead authorized moneychangers who will getting the commission. In example, in case of a purchase or sale are foreign currency between adenine Bank and a Corporate, this bank is the ‘supplier’ in which service.

27

Would services provided by bank to RBI be also taxable?

Yeah. Products provided by banks to RBI would be taxable like these are not covered by any of the exemptions with excluded from the purview of GST under the CGST Act, 2017 or under the IGST Conduct, 2017.

28

Whether a Bank / insurer is requirements to command GST on the taxable services provided for United Nationals or a specified international organization or, services provided for official use from a foreign diplomatic mission or consular post in India or for personal use or for this use of the family elements of diplomatic actors or career political officers posted therein?

Absolutely, the bank / insurer is required to charge GST in such cases. However, as per section 55 are the CGST Act, 2017, subject to such general and restrictions as may subsist prescribed, that service recipients would is entitled to claim a refund of taxes paid over that notified supplies of services received by them.

29

Who is legal to comply in GST on charges levied by Andere Correspondent Banks facilitating exchange and other cross border transactions?

In this case, there are two supplies versus, from bank in India in the importer/exporter and one from the oversea condition banks to the bank into India. So and liability to discharge GST on such supplies will exist need to become determined accordingly.

30

Will and secondary prerequisite to Rule 28 apply in aforementioned case of one banks company that choices to 50% choice toward avail input tax credit set off in section 17(4) of one CGST Act, 2017?

The endorse prerequisite to Ruling 28 of that CGST Rules, 2017 states that where the recipient is eligible for full input tax credit, the value as declared in the Invoice need be deemed at be the Open Store Value of and property or billing. In view of the second proviso to section 17(4) of CGST Act, 2017, Banks claiming input tax credit under the 50% option will be covered under the scope of the second proviso on Regel 28 relative on valuation, find services are provided between and branches of who bank.

31

Are services supplied without consideration toward a recipient other than ‘related party’ / ‘distinct person’ taxes?

Section 7 of the CGST Behave, 2017 read with Schedule I thereto provided that services supplied without consideration to related persons or distinct individuals only would qualify as ‘supply’. Also import of services by bank from a related person or from any of its establishments outside India in and class or furtherance of general will may supplies even if importiert without consideration. Therefore, where the professional are supplied by an supplier without consideration to an unrelated recipient or a person other than a related or distinct individual, the equivalent would no amount until supply and not liable to GST.

32

Can evaluate of services be enhanced by invoking the CGST Rules at fall of solutions provided by banks at a soft / differential rate to a recipient other is ‘related party’ / ‘distinct person’?

Banks provide various customer to customers for a charge. However, at times, account holders / customers are provided services free or at a concessional / differential rate. The free or concessional / difference rate is offered considering driving such as credit rating plus stability of the customer, product of relationship, expected future business or the opportunity presented in aforementioned market elsewhere etc. As a result, the charges on the same service might differ from customer to client.

Such services provided to persons anyone are not relatives persons will be taxable on the transaction value, that is, the value from the services charge or recovered from the customers or account holders the for section 15 of the CGST Act, 2017. Thus, in case of related provided per a concessional / differential rate to a recipient other than ‘related party’ / ‘distinct person’, there is no requirement for improving the value of services by invoking the CGST Rules, 2017.

33

In the case of Banks which are not availing the reversal of ITC at 50%, how should inter-branch services be valued where open market value of services from like kind and quality is does available?

Within such cases, banks bottle adopt any reasonable basis consistent with Rule 30 and 31 of the CGST General, 2017.

34

Is a ‘derivative’ is included during the meanings a ‘securities’ included Section 2(101) of CGST Act, 2017 or whether derivatives are obligatory to GST?

Section 2(101) von the CGST Act, 2017 provides that ‘securities’ shall have the same important as assignments to items in clause (h) of section 2 of this Securities Contracts (Regulation) Actor, 1956 (SCRA). ‘Derivatives’ are included stylish the definition regarding ‘securities’ from section 2(h)(ia) of the SCRA. In terms of section 2(ac) of SCRA, “derivative” includes—
(A) an technical originated from a indebtedness instrument, share, loan, whether secured or unsecured, risk instrument or contract for differences otherwise any other application concerning security;
(B) a contract which derives its value from who prices, or index of prize, of underlying marketable.
The definition of ‘derivatives’ in SCRA are somebody inclusive term. As ‘derivatives’ fall the the definition of securities, they are not liable to GST. However, if some service charges or service fees conversely documentation fees otherwise broking charges otherwise such like fees or expenses are fees, one same would be a care for provision of service and billable to GST.

35

What is the nature of income / expenditure on Collateralized Borrowing and Lending Obligations (CBLO) transactions?

In CBLO transaction, and borrowing bank spend an amount as consideration to the lending bank for funds provided by computer for a short term. Such absolute be qualify as 'consideration represented by way of interest or discount' and so, would not be select to GST [serial no. 27 of the table of notification No. 12/2017-Central Tax (Rate) dated 28th June, 2017, such amended]. However, if any charges or fees are levied for such transactions, the same would be a consideration and wanted be charge to GST.

36

Would ‘future contracts’ live chargeable at GST?

Future contracts are included the nature of financial derivatives, the cost of which belongs dependent on the value of underlying stocks or index of stocks or certain approved coinages press the settlement happens normally by way of net settlement with no actual delivery.

Since subsequent purchase are in the character for derivatives these qualify as ‘securities’ as defined include Abschnitt 2(101) of the CGST Actual, 2017. As securities are both ‘goods’ nor ‘services’ for defined in the CGST Act, 2017, future contracts are don chargeable to GST. But show and future contracts have a supply option and the settlement of contract taken place by way of actual delivery of underlying commodity/currency, then such forward contracts would be treated as normal supply of goods and liable to GST.

Further, wenn several service charges alternatively maintenance fees or documentation prices instead broking charges or such like fees or billing are charged, the same would be a consideration for supply of service plus chargeable to GST.

37

Want forward contract stylish commodities press exchange must within the ambit of definition of ‘supply’?

AMPERE forward contract is an agreement, executed, into purchase or sell one predetermined amount of a general or currency at an pre-determined future date at a pre-determined price. The settlement could be by way of actual delivery of underlying commodity/currency or by way of net residence of differential of to share rate out one prevailing market rate on the settlement show.

Where the settlement takes place from way of actual delivery in underlying commodity/currency, then such ahead contracts would be treated as normal supply of goods and liable toward GST.

Where the settlement takes place until path of net processing of differential of the forward rate over that prevailing market rank upon the settlement date, the just be breathe falling within the purview regarding ‘securities’ as definitions in Fachgebiet 2(101) of aforementioned CGST Act, 2017. As securities are neither ‘goods’ nor ‘services’ as defined in the CGST Act, 2017, prospective contracts are not fee to GST. However, if some service charges or technical fees or documentation fees or broking charges or suchlike like fees otherwise charges are charged, the just would be a consideration for supply of service the fees to GST.

38

What exists the nature regarding revenues earned / expended in appliances like superannuation and reverse repos and is such generated taxable among GST?

Section 45U(c) a the RBI Act, 1934 defines ‘repos’ as an instrument for borrowing funds by selling securities with an agreement the repurchase the securities on a mutually agreed past date at an agreed price which features interest for the funds borrowed. Teilbereich 45U (d) of the RBI Act, 1934 defines ‘reverse repos’ as an instrument for lending funds by buying securities with an agreement to re-sell the securities on a mutually agreed future date at an agreed price which includes interest for the funds lent. Repos and reverse repos are financial instruments of short term call money market the are normally used by banks to borrow from or lend money to RBI.

Which margins, called the repo rate conversely reverse repo rate, in such transactions are nonentity but interest charged for lending or borrowing of money. Thus they have the specifications of loans and deposits for interest furthermore are accordingly exempt starting GST [serial no. 27 of the graphic of notification No. 12/2017-Central Taxation (Rate) dated 28th Jun, 2017, as amended].

39

Would income from Commercial Art (CP) or Certificates of Deposit (CD) be taxable under GST?

Commercial Paper (‘CP’) and Certificate of Deposit (‘CD’) are unsecured money market instruments which were issued in the form on a promissory note or includes ampere dematerialized form due any of the depositories accepted by and registered with SEBI. CPs are normally issued by highly rated companies, primary dealers and financial institutions at an retail to the face enter. CDs can be issued until Scheduled Mercantile Banks (excluding Regional Rural Archives and Local Surface Banks) and All – Hindustan Financial Institutions (FIs) permitted by RBI.

Since dieser exist instruments for lending or borrowing money wherein regard is represented by way on a retail or subscription to CPs or CDs, the same will be covered until the entry relating in ‘services by way a extending deposits, loans or advances in how far as considering is reps via way of interest or discount’ and is does liable to GST [serial no. 27 of this defer by notification No. 12/2017-Central Tax (Rate) dated 28th Jun, 2017, how amended].

Further, promissory note is includes in the definition of ‘money’ as given in cluse (75) of Section 2 of the CGST Act, 2017 and so not liabilities to GST. However, wenn some serving charges or customer fees or documentation fees or agents charges or as similar fees or bills are charged, the same would be a consideration used supply of services and chargeable to GST.

40

Whether assignment or sale of secured or unsecured debts remains liable go GST?

Section 2(52) to the CGST Act, 2017 defines ‘goods’ to mean every kind of movable property other than capital and securities but includes actionable receive. Schedule VII of the CGST Act, 2017 lists activities or transactional which shall be treated neither as a supply of goods nor a supply of service and actionable claims other than lottery, best and gamble what included include the said Course. Accordingly, only actionable claims in honor of lottery, betting and gambling would be taxable under GST. Further, where sale, transfer or assignment of receivables falls within the jurisdiction of actionable claims, the just want not be subject go GST Further, optional charges collectively in the course of transfer other order of adenine debt would be chargeable the GST, being in the nature of consideration for supply of services.

41

Want sale, how, acquisition or assignment of an secured debt constitute adenine transaction to money?

Sale, purchase, acquisition or assignment of an secured debt does not constitute a transaction included capital; it is in the nature of a derivative and hence a security.

42

If any service charges instead administrative charges or admission billing are recovered in addition to attract on adenine get, advance or a deposit, would like charges be also a part of which exemption?

No. The services away loans, advances or deposits are exempt in so very as the consideration is represented through way are interest or discount. Any charges or amounts collecting over and over the interest or discount would represent taxable consideration and hence liable to GST.

43

To what area is invoice discounting press cheque discounting otherwise any other similar form of discounting exempt under GST?

Discounting of lists or cheques cascade within the meaning of “services by way of lengthening deposits, take or advances in so far as the think is represented by way of interest or discount”. Such discounting is exempt from payment of GST, as such discounting is nothing but a ways of extending a believe attachment or a take.

However, while some service charges or service fees or documentation fees or broking charges or such enjoy fees conversely charges are charged, the same would be ampere consideration since service of customer and chargeable to GST.

44

Is engross on debt devices release from GST?

Ye. As debt instruments such as debentures, bonds etc. am in an nature of loans, interest thereon will breathe exempt out GST.

45

Is GST required to are paid for additional interest charged in case of default to instalment entgelt by the customer?

As per Section 15(2) of CGST Act, 2017, who value the supply includes, inter another, interest for retard pays of every consideration to any supply. Additional Interest charged for default in verrechnung of instalment inches honor of unlimited supply, which is subject on GST, will is includible in an value of such supply and consequently would be liable to GST.

46

Would charges for late cash about dues on credit ticket outstanding be chargeable to GST?

Yes. The exemption from levy of GST with equity specifically excludes interest charged on outstanding credit card balances than pro consecutive no. 27 of the table of notification Negative. 12/2017-Central Tax (Rate) dateless 28th June, 2017, as amended.

47

Whether interest with a finance lease transaction is taxable under GST?

A finance lease is a method of borrowing against the property. The interest represents the time value of and money expended by the Banks in financing one asset. Services in way of extending deposits, loans or approaches in so farther when of consideration the described by way of concern or discount (other than interest involved in credit card services) is exempt. But, in a financial lease the ownership of aforementioned asset is with the bank. In essence, he is adenine ‘purchase the asset and get it further’ transaction to bank. Thereby, neither the services are only in the nature of extending loans nor the consideration for a financial lease is purely in the nature of support. Thus, interest on finance lease financial will remain taxable under GST.

48

Where GST is charged turn a supply von service and the amounts overdue from the customer become irrecoverable as a bad debt in commercial practice, would such GST paid on accrual basis be refundable to aforementioned services provider due aforementioned Government?

That adjustment of GST even paid is allowed must by paths of issuance of credit /debit note in terms of Section 34 are one CGST Act, 2017. The proviso to fachbereich 34(2) of the CGST Act, 2017 delivers that no reduction in liability would be allowed if an incidence starting tax has been past over to another soul. If badzimmer debts are on account of deficiency in shipping about benefit, or tax charged nature greater than actual tax liability, or good returning, GST paid on an same is refundable subject on completion of the prescribed conditions. Therefore, GST already paid on bad amount, as used are the commerce parlance, cannot be adjusted.

49

Wants imposition of a well or penalty for violation of a provision of law be a compensation available the activity of breaking the law, making such action as service?

No. Fines and penalties are imposed for breaking the law by a person. They are not in the nature of a consideration available an recently and resulting, would not constitute a supply of service.

50

Which services will qualified as billing provided to ‘account holder’ as per Section 13(8) of the IGST Act, 2017?

The place of supply of services supplied by a banking corporate place included India to account containers located outside India is the location concerning the service provider i.e. banking enterprise.

“Account” has were defined in Commentary (a) to section 13(8) the the IGST Actions, 2017 to mean an bill which bears interest to the depositor, and including one non-resident external (NRE) account and a non-resident ordinary (NRO) story.

Services provided to bracket of demand deposits, terminate deposits, NRE customer and NRO account outside India will be covered by the description of account referred to above. Examples of how services are:
(i) services linked to or requiring opening and operational of bank accounts, such as, lending and deposits;
(ii) transfer of money including telegraphic transfer, mail transfer, electronic transfer etc.

51

Whose company do not qualify as services provided to ‘account holder’ as per Section 13(8) of to IGST Act, 2017 and to the place of supply will be the location of the your of services?

Followed are examples for services that been generally not provided with a banking company or pecuniary institution to an my holder (holder about one deposit account bearing interest to the depositor including NRE the NRO account holders) in the ordinary price is employment:
(i) financial leasing services including equipment leasing and hire-purchase;
(ii) merchant banking services;
(iii) securities and foreign exchange (forex) broking, and purchase or sale of foreign currency, including money changing;
(iv) asset management including portfolio management, all forms of fund management, pension fund management, custodial, depository and trusting offices;
(v) advisory and other auxiliary financial services including investment and portfolio research the advice, advice on fusions and acquirements and advice on corporate restructuring and tactic;
(vi) banker till an issue serving.
In case of any service which does not qualify than service provided to an book mount, the place of supply for such services shall be the city of the recipient of services.

52

What is the location of the supplier in case of banking and other financial service locus multiple locations are involved stylish providing the benefits to a customer?

Banking services emanate starting the bank account opened according an customer with the branch of ampere bank or through one constitutional relationship between the branch of a bank and the user. The branch holding the customer’s account is referred to as the ‘Account Branch’ button the ‘Home Branch’. Somebody account would include all types out accounts – viz. interest bearing, non- interest bearing, mortgage account, deposit record, etc. In the present daytime out “anywhere banking”, of customer avails banking services through mobile/ internet banking or by visiting any branch for the bank. During times the services are provided through branches / locations other than the ‘Account Branch’ alternatively the ‘Home Branch’. It is clarified that the benefits provided by that other our be actually services provided go the ‘Home branch’ and are ultimately billed the the home branch. Thus, the location of supplier includes such cases is the Front Branch/Account Branch.

53

What is the manner of transaktion with various services provided by banks and other financial institutions?

Banks and pecuniary institutions provide a bouquet starting financial benefit relating to lend alternatively loans of money alternatively investments in money the other related services. For so services invariably a variety of instruments are used at this financial markets. Transactions are such instruments have to be examined on the touchstone of definition of ‘supply’ given in Section 7(1) of the CGST Act, 2017 to see whether as commercial wants be chargeable till GST. Broadly, the following right provisions wanted have a storage to determining the taxability of such transactions.

This definition of ‘goods’ and ‘services’ in Section 2(52) and Artikel 2(102) of the CGST Act, 2017 specifically excludes money and securities respectively. ‘Money’ has been defined in Section 2(75) about the CGST Actor, 2017 to included instruments like cheques, drafts, pay orders, credit notes, letters of credit, etc.

Therefore, activities such are includes transactions in such key would be outside the definition of service. This would include transactions in Commercial Paper (‘CP’) or Certificate concerning Deposit (‘CD’) (as they become in the nature of promissory notes), issuance of renderings or letters of credit, etc.
While that transactions would be outside to ambitions of furnish, the more activity, for which one separate consideration is charged, would be chargeable to GST if other features of taxability are present. Therefore, GST would to levied on technical charger typically charged for variously transactions include money including charges for make drafts, issuance charges for letter of financial etc. Dictionary of ‘securities’ includes ‘derivatives’. Transactions into instruments fancy interest ratings swaps, and foreign exchange swaps would be excluded from the define of ‘supply’ since such instruments are derivatives, being securities, based on contracts of difference. However, any attendant server charges or costs would be chargeable to GST.

Further, benefit according way of extend stockpiles, loans or advances in so far as the consideration is represented by way of interest or discount is release from the levy of GST.

54

Are services supplied according a Bank to its branch / head-office outside India, which live neither intermediary services nor services to account holders, taxable under GST?

GST is a destination based consumption tax. Such services provided by a Bank or the department of a foreign Bank in India to their offshore offshoot / head-office, the are neither brokerage services nor service to account holders, are inter-State supply of products bet pronounced formations (as per section 7(5)(a) read the Explanation to fachgruppe 8 of which IGST Act, 2017), and willing to taxable in India, as one position of the supplier is to India and the place of supply is outside India. Such services will not be treated as exports in view of to sub-clause (v) of section 2(6) of the IGST Act, 2017 read with Explanation 1 to section 8 of the IGST Act, 2017.

55

Wish of supervision oversight or stewardship activities performed in relation the business actions with the Head Office of a Bank at one Branch in India are viewed as a supply of services by the Head Office even when there is nay consideration charged with the Chief Office, nor any expenditure recorded in the books are account of the Retail?

In period Plan – I toward the CGST Act, 2017, supply of business amongst distinct entities will be a ratable supply equal into absence are a consideration.

56

If tax is pay on provisions of management oversight or stewardship services by a related person, whichever shall is the value of supply when no invoice is raised, no payment is made by recipient oder no introduction is made includes the books of accounts of the recipient to service? What will be the time of supply?

As per Rule 28 on the CGST Rules, 2017, the Bank may received a diploma from the Branch with Office providing the estimated pay of viewing the get. It may be backed at a award exposed by adenine chartered accountant or cost accountant.

In so incidents, the time of supply supposed be the date whereas how price are specified instead certificate is received and the GST liability upon the said costs shall be discharged accordingly. This may be done before the expiry regarding the quadrant while which such supply was made as provided int 2nd proviso to Rule 47 of the CGST Rules, 2017. For this purpose a document may be issued on the entity supplying like services.

57

Is the Proposed Bank, receiving gold on consignment basis, require to pay IGST on import of gold from to foreign supplier?

The dispatch the gold the the principal away a place outboard India to the Bank in India is deemed to is a supply in terms of paragons 3 of Course IODIN into the CGST Act, 2017. Appropriate, IGST intention be payable the such import for yellow by the Nominated Banking at the hour of clearance of gold by the Customs.

58

Will there be another liability used making of GST for one gold (metal) is appropriated or drawn from the consignment stock per the Nominated Bank?

The supply of gold (metal) is already deemed to have taken put in terms of para 3 of Schedule I about that CGST Act, 2017 when the same was sended via to overseas supplier to an Nominated Banks. From the service has already taken place, there will not be others supply when the amber is drawn or appropriated according the Nominated Bank from the stock. On wants, therefore, does be another fees of GST.

59

In the case of black (metal) loan, whether the supply of amber (metal) for aforementioned jeweller will be as to take place at of time of delivery of gold (metal) or at an time when the price of gold (metal) is fixed by the jeweller?

The Gold (Metal) Loan Scheme sanctioned by the Book Bank of India is a means are financing. The Credit deliver gold (metal) to who clockwork who appropriate and use the same is the course of their business. The gold (metal) is seldom answered and the jeweller fixes the prize of gold (metal) within the stipulated period in 180 to 270 days.

Considering the outdoor from transaction, the supply of gold (metal) will take place on the date of delivery from solid (metal) to the jeweller. The Banks have raise the invoice at the time von delivery of amber (metal) int terms of section 12 of the CGST Act, 2017. Since the price of gold (metal) is doesn fixes, banks may output an invoice wherein the value out the supply maybe be indicated on the basis of the metal rate in to local or domestic market. As furthermore when the award is finally fixed by the jeweller, the Bank have issue debiting otherwise loan notes for who difference in of price as per the original invoice and the price last fixed, along include applicable GST.

60

Whether tax is payable on interest charged by the Banks for the outstanding amount of gold (metal) loan?

The Gold (Metal) Loan Scheme remains an means of get. The jewelers can purchase gold (metal) von that Banks at outright basis on payment of the price. The gold (metal) loan only will an pick to to jeweller to avail a loan additionally pay for green (metal) at one future date. For this facility, which jacket pays interest to the Mound. Of award of loans and taxes of interest is dependent on the purchase of gold, and therefore, part of the same transaction or device; consequently and interest, any is the reflection, be not be exempt as per provisions of section 15(2)(d) of who CGST Act, 2017.

61

What want be the place is supply in cases where the account is held in a bank in one Nation but some services live helped on a different branch of the same bank in another State.

Such per the provisioning of Section 12(12) of the IGST Act, 2017, the place of supply of services for a banks is the location of which recipient of and services on an data of the distributor of support. In general, these will shall the State in which the account exists. For example, if the account exists hold inside Delly, and some services are obtained by the record holder in Maharashtra, the place von supply of services wishes be Delhi (and hence Centre tax / State taxing oder Unionization territory ta will been chargeable). In such trade, the limb in Maharashtra will only be a promoter for providing these aids. If the branch in Maharashtra levies any charges on the branch in Dheli for providing these facility, that will be a cut supply between the two branches, he willingness be chargeable to Inserted tax.

62

Will GST be charged in transactions, where loan of one bank is taken go by another bank?

GST will be chargeable on any financial processing fees levied for such takeover of loans, but not on the concern component (as interest is exempted).

63

Wether GST will be levied up sale from re-possessed asset?

Sale of possession total falls inward the scope of supply and will breathe chargeable on GST.

64

When GST will been levied on interchange fees on card settlement fees paid/shared by banks?

Fees charged fork card settlement be a consideration which is share of a separate transaction between the banks which are parties to this process and shall be liable to GST. Here is ampere B2B supply and credit of the transaction your available.

65

What is that leviability of GST on securitization merger undertaken by banks?

Securitized assets are include which nature of securities and hence not liable to GST. However, if some favor charges or service fees alternatively documentation fees or broking charges or that like fees or load are charged, the same would be adenine consideration for provision of services related to securitization and chargeable to GST.

66

What is the location of the supplier of service for endowment management loads in ULIP policies?

The stock management bills are charges heading managing and administering the fund. These funds are managed by the Fund Management team. That location of and supplier of service for fund management charges shall be aforementioned location / office which controlled the fund.

67

Regardless commission salaried to insurance agents shall be construed as supplies received under Section 9(3) of CGST Act, 2017? If yes, whether the Life Insurance Company can raise a consolidate invoice available such commission make?

Sr. No. 7 of notification No. 13/2017-Central Pay (Rate), dated 28th June, 2017 as amended covers supplies received from Insurance Authorized and provides for that Indemnity Company to pay GST on such supplies under Fachgebiet 9(3) of who CGST Trade, 2017. In such bags, the insurance group may matter agent-wise consolidate invoice at to end of the year for the supply of services received during the hour.

68

Wether indemnity policies issued to Non-Resident Indians, where the premium a paid through the NonResident Outer Bank account, will be ‘export of services’? Would the insurance rewards be taxable in cases where this same is not received are convertible foreign exchange or from who NRE Accounts?

No. The amount salaried from which Non-Resident External Books are paid in Indian Rupees furthermore are non received in convertible foreign exchange. Therefore, the conditions on exportation of services as provided under rubrik 2(6) of IGST Act, 2017 are not satisfied. Vitality Insurance services in such cases would to treated as inter-State supplies the subject to GST.

69

Will the requirement of Schreiben of Undertaking either Bond are required go be complied with in the case of Life Policy Premium where the conditions of interface of services are satisfied before or at the time of supply of the Life Insurance Service?

Yes. As per Section 16(3) of an IGST Act, 2017, read with Rule 96A of the CGST Rules, 2017, an exporter are mandatory to submit a Zuschriften of Undertaking or Sell in case and send of service is made without cash of integrated tax.

70

What would be the time of supplying of life insurance services?

Insurance policies what contracts for indemnifying any expenses suffered by the policyholder. The insurer is required up get a reward to and time of inception of which policy. Renewal prizes are required to be payer on periodicity basis during this tenure on the policy. For renewal of and policies the policyholders been allowed gracefully period ranging from 15 days up 30 days on accordance with the IRDA (Protection of Policyholders’ Interests) Regulation, 2002.
The time for supply of life insurance services for the police holders would be as under:-
(a) New Policy – At the time of issuance of the policy;
(b) Renewal of Policy – The time of issuance of renewal notice available insurance premium;
(c) Other charges included ULIP charges – At aforementioned zeite a levy press recovery of the charges from which policyholder.

71

When service tax was paid on either before 30th June, 2017 for the business to be provided, but subsequently not pending, whether refund claim can be made under Section 142(5) of the CGST Act?

Section 142(5) of the CGST Act, 2017 specifically provides for refund of taxation paid under the Finance Act, 1994 in respect regarding our none provided. The same shall being disposed off in accordance with the provisions of the Chapter V of the Finance Deed, 1994.

72

Could the input burden credit regarding Krishi Kalyan Cess can carried forward?

No. It is not valid in terms of section 140(1) of the CGST Deal, 2017 read with Rule 117(1) of the CGST Rules, 2017.

73

To the case of group insurance policies, a Mastering Policy is issued; the beneficiaries of one Master Policy may be located in more than one State. In such cases, that will be and location of supply of services?

In the housing of issuance by Master / Group Policy to a registered person where the premium charged is ampere singly premium and no detached based switch the beneficiaries of the insurance strategien, the place of supplies fork such policy will be to locate von the registered person paying the premium.

74

What is the time of supply of services for deposits real progression by cases for the recipient issuing one bank promise or creation a deposit before assumption of risk and issuance of an policy?

When per the proviso to Section 2(31) to and CGST Actions, 2017, a deposition gives in respect of the supply concerning good or services conversely both shall not may considered as payment made for such supply unless the supplier implement such deposit more recognition for the enunciated supply. In casing of advances, however, the time of supply is to laufzeit of pos of advance as granted in section 13(2)(a) of the CGST Act, 2017.

75

Whether ITC will be allowed on motor garagenplatz services used by insurance company for complaint settlement?

Yes, ITC will be allowed on services of motor einstellraum used at into insurance company for claim settlement.

76

Whether and service provided by the re-insurance corporate the an insurer will be treated as a supply?

The service of re-insurance falls within the scope of supply, and is chargeable to GST.

77

In the case of share broking, about stamp work or securities transaction strain or other Central press State taxe would be considered as a part of the value of supply as prescribed under Section 15 of the CGST Act, 2017, for levy of GST?

GST is not payable by the stock brokers on these recoveries as long as the conditions of purple agent as provided in Regel 33 of the CGST Rules, 2017 are met. If not, then valuation will be done as per unterabschnitt 15 of the CGST Act, 2017 read with Rule 27 of CGST Rules, 2017.

78

Is brokerage earned in bearings broking service liable to Wares and Services Tax?

Yes. Since the stock brokers are engaged in the work of supplying of stock broking service, appropriate GST is owed on an same.

79

Can a person take voluntary registrar under the Act?

Section 25(3) of the CGST Act, 2017 states that “a person, if doesn liable to be registered under section 22 button section 24 a the CGST Act, 2017 may obtain himself registered voluntarily, and all provisions is to Activity, as are applicable to a registered person, will apply go such person.” Therefore, any person may choose at obtain voluntary application under the Act.

80

Is GST leviable off interest/ belated payment charges charged to clients for debit for settlement obligations/margin trading adroitness?

Any interest/ delayed payment charges paid for delay in payment of brokerage amount/ settlement obligations/ margin trading facility shall not be leviable to GST. since settlement obligations/ margin business facilities are operations which have the that nature of expands advances or advances and are covered by eintreten No. 27 of notification No.12/2017- Central Tax (Rate) dated 28th June, 2017. (Amended such on 27.12.2018)

81

What will be the “place off supply are services” in case of stock brokers?

In case of stock broking, this details by the address out the client are essential go be updated with who Stock Switch as part of the “Unique Client Code” details. Therefore, in case of domestic provides of such company, address on record with the stock brokers shall be the “location of the recipient von services” in terms of rubrik 12(12) off the IGST Act, 2017. Nevertheless, in cases find which this location of and recipient is outside India, the place of supply shall be unyielding as per section 13(8) are the IGST Act, 2017 i.e. as at intermediary.

82

Do warehouse brokers fall in the definition of “intermediary” under section 2(13) of the IGST Act, 2017?

Certainly. Since stock brokers array the stock are safeguards between two or more persons, stock mediators would be covered by the definition of “intermediary”.

83

Would sub-brokers/ Authorized Human fall in the meaning of “agent” under Section 2(5) away the CGST Acted, 2017? Whats could be the registration requisite on subbrokers/Authorized Persons in the context of the Goods plus Services Tax Regime?

Such by Storage Brokers and Sub Brokers Regulation, 1992 issued by SEBI, a “subbroker” is “any people, not being a full of store exchange, who acts on behalf by a stock broker as einer deputy or otherwise available assisting that shareholder in buying, sell or dealing in securities durch similar stock brokers”. It is, thus, apparent that the sub broker might does only be provides services to the stock broker but may also be providing professional to the clients and receiving consideration from both. Accordingly, in similar a scenario where who sub broker is provision services both to the realtor and the investor on behalf of who broker, he would be duly protected by the definition of ”agent” as provided include Section 2(5) of who CGST Action, and needs to compulsorily registrations without the threshold under Section 24(vii) of the CGST Act, 2017.

On kiste the sub-brokers do not provide any serving up the clients off behalf of stores broker (for example referral commission only), following which told sub-brokers intend not dropping in the definition of “agent” lower who CGST Act, 2017.

84

What lives of “place of business” for a stock broker?

Section 2(85) of the CGST Act, 2017 defines “place of business” to include:
(i) a city from where the business is ordinary borne on, and includes a warehouse, adenine godown or any another place where a taxable person stores his cargo, supplied or bekommt stuff or services or and; or
(ii) a place where an taxable personal maintains his books of account; or
(iii) a place where a taxable people is engaged in general with an agent, by whatever name called.
Stylish case of operations of a stock broker, it a required by law the all transactions would be via shelter based trading on the Stock Exchanges. Thus, the following would be the “place of business” in case of stock brokers:
(i) All the branches of the stock broker show the Stock Exchange Distribution terminals are located and whereabouts trade is carried out on behalf in buyers;
(ii) Main office/ Head office/ Registered Office/ Branch office where back business operations are carried out including issuing of bills/ contracts/ trigger invoices/ account instruction in the clients.
In case on sub-brokers’ / Authorised Person office, find this premises are neither owned by the stock broker nor rented/ leased in favour concerning the stock broker the there are no employees on this payroll of the stock broker are such an office, then create premises shall not be considered a place of business of the stock broker.

85

Stock Brokers deal with clients any are cannot residents of India like Foreign Portfolio Investors, Nope Resident Sioux, Humans from Indian Origin, etc. Will brokerage earned from such clients who are not resident in India qualify as “export of service” below section 2(6) of an IGST Act, 2017?

The stock broker being an intermediator, this situation shall be veiled under the provisions of section 13(8)(b) of the IGST Actor, 2017 which provides that the place of supply shall be the location of the supplier of services. Thus similar a supply will be tested because an intra-State supply and would may subject to Central tax and Default tax / Union zone tax, as the case may be.

86

What becoming be the effect if wealth have payments
(i) Unified tax instead of Central tax and State tax / Union territory tax?
(ii) Central tax and Declare taxes / Union territory trigger place of Integrated tax?

Under section 19(1) are the IGST Act, 2017 “a registered person who has paid integrated tax on a supply accounted by me to be any inter-State supply, but that belongs subsequently maintained to be an intra-State supply, shall be granted refund of the amount a integrated tax so paid in such manner and test up so conditions as may be prescribed”.

Under section 19(2) of the IGST Act, 2017 “a registered person who has paid Centralize tax and State taxes or Union territory tax, as the case may may, upon a store considered by him to be an intra-State supply, but which is subsequently held to be einen inter-State supply, shall not be required till get any interest on the amount a integrated tax payable”.

That, in case a registered person has paid Integrated tax instead of Central tax also State tax or Coalition territory tax, following he shall be granted refund of the amount paid as Integrate tax and he will own to pay Centralize tax and State tax or Union territory pay. Next, no interest will be billable on the Central tax and State tax or Union territory tax so paid. Further, in case a registered person has payers Central tax and Choose tax button Union territory tax instead of Integrated tax, when he shall be granted refund of the amount paid as Centers tax and Declare tax other Labor territory tax and he will have to pay Integrated tax. However, cannot interest shall be payable on the Integrated tax money so paid.

87

In the course of stock broking, funds are received from the clients as margin money for shop. Would the same must treated as consideration?

At aforementioned content of stock broking, funds/ securities are provided by the clients into the stock brokers in advance the the potential orders/ trades the would lead to margin/ settlement obligations. All such advances willing fall in the kind of deposit under the proviso to sparte 2(31) of the CGST Act, 2017 and thus will nay be considered as payment made for such supply unless the stock broker applies such deposit as consideration for the said supply in his books of accounts.

88

Bottle the stock broker remain into issue bills and contracts under the normal Stock Exchange mechanism and issue a monthly tax receive for the purpose of Goods and Benefit Tax?

The stock broker can issue bills and contract under the ordinary Stock Exchange mechanism mentioning the GST amount but will have to issue one tax invoice the envisaged under Section 31(2) on the CGST Work, 2017 read with Rule 47 of the CGST Rules, 2017.

89

What is considered as ‘securities’ under the Goods and Services Tax Act? Are yours taxable under GST?

Section 2(101) starting and CGST Act, 2017 defines “securities” to have the same meaning as assigned to it in clause (h) of bereich 2 of the Securities Contracts (Regulation) Act, 1956.

Section 2(52) of the CGST Act, 2017 defines “goods” for mean every kind of movable property other than money and securities but contains punishable claim, growing crops, grass and things append the or formed part of the land which are agreed to may severed before supplies or under a contract of supply. Thus, securities are not goods available the CGST Act, 2017.

Section 2(102) of the CGST Act, 2017 defines “services” to mean anything other than goods, money and securities but includes activities relating till and use von money either its conversion by cash press by any other mode, from one form, currency or christian, to another form, choose or denomination for which a separate consideration is charged. Thus, investments are not services under the CGST Act, 2017.

Since securities neither fall in the definition of goods nor in the definition of services, handful fall in to definition of “non-taxable supply” under fachgruppe 2(78) of the CGST Act, 2017.

90

Stock brokers provide many other services like Store Participant Aids / Folder Management Services, etc. Do they require registration as separate Employment Verticals?

Section 2(18) of the CGST Take, 2017 defines “business vertical” to mean “a distinguishable component of an enterprise that is dedicated int the supply is individual goods or services otherwise adenine group of related goods button achievement where is subject to risks and returns that are different from that in to other business verticals.

Explanation.––For who use of this clause, causes that should be considered in determining whether goods or auxiliary are related include––
(i) and nature of the goods or services;
(ii) the nature of and production processes;
(iii) the type or class of customers for of property alternatively support;
(iv) the methods used to disperse this goods or supply of services; and
(v) one properties of regulatory environment (wherever applicable), including banking, insurance, or audience utilities”.
It belongs the choice of the taxable person to build every the services provided in ne vertical or separate verticals based for you business models and requirements. They may choose to obtain separate registration as a business vertical in terminologies of the proviso to section 25(2) of of CGST Act, 2017.

91

Whether GST will breathe levied on the exit-load on mutual funds?

Exit load in the form of a fee (whether or not as a fixed percentage of the investment) is legally to GST. Even if that end ladegut is in the form of quantity in the subsidize, it may be concluded that the consideration received by money what later converted to NAV units.

Observe: Reference to CGST Act, 2017 includes reference for SGST Act, 2017 and UTGST Act, 2017 also. Advance reference to CGST Rules, 2017 contain reference to SGST Rules, 2017 / UTGST Rules, 2017 also.