Sebi offers a way over FPI tax rule hurdle
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Click here to Post your Query >>5986 unanswered question(s) — Showing 1881–1900
| Que. Id | Date | Description |
|---|---|---|
| 18349 |
Jul. 09 2017 |
GST Reverse charge –
(GST)
Sir, Whether consumer sales will attract reverse charge under GST since it is sold to unregistered buyers (i.e., public)? I now see some advertisements by big textile showrooms that they do not pass on GST to consumers. Is it correct? BY: N.NAGARAJAN No answers yet View Answers | Post Answers |
| 18345 |
Jul. 08 2017 |
Impact of Difference in Forex rate used by supplier and recepient –
(GST)
An unit of SEZ invoices in USD dollar to an EOUDTA. The same is recognized in its books of accounts at spot rate on the date of dispatch of goods. However, the recipient EOU of goods will pass an entry in its books of accounts recognizing spot rate on the date when they raise a GRN. The point is, there can be a difference in exchange rate between the date when goods are dispatched by SEZ unit and the date when GRN is raised by EOU unit. This will result in mismatch of entries passed by both SEZ unit and EOU which ultimately will effect in GSTR 1 1A2. BY: CA. VISWANADH KOTA No answers yet View Answers | Post Answers |
| 18347 |
Jul. 08 2017 |
Charge of IGST in respect of sales by SEZ unit to EOU/DTA –
(GST)
An SEZ unit supplies its goods to EOUDTA unit in India. As per the present law, all such EOUsDTAs shall file a Bill of Entry and pay Basic Customs Duty as referred in Section 3 of Customs Tariff Act since the same is considered as import of goods by EOUDTA. However, as per Section 5(1) of IGST Act, integrated tax shall be levied and collected in accordance with provisions of Section 3 of Customs Tariff Act. Therefore, by virtue of Section 5(1) of IGST Act, the person to levy tax shall be SEZ who sells goods to EOUDTA. Hence, in our view, IGST shall be shown collected in the invoice issued by such SEZ unit. But to the contrary of this view, we were advised by the SEZ department officials that IGST shall not be shown collected in the invoices issued by SEZ. The IGST shall be directly discharged by such EOUDTA by paying TR6 challan in their name along with basic customs duty. Hence, this needs a proper clarification as there is an ambiguity on who has to collect and who should pay IGST. BY: CA. VISWANADH KOTA No answers yet View Answers | Post Answers |
| 18348 |
Jul. 08 2017 |
GST on Semifinished Garments –
(GST)
Acrylic Fabric is taxable @5 in GST, Readymade Ladies Suit is taxable @ 5 if value is less than 1000-per pc. If the Suit is in semifinished state requiring some alterationStitching etc eg Shirt is semistitched requiring alteration as per size but Salwar Cloth is in the same packing which requires stitching. Under which category it should fall . Whether Tax rate will remain 5 in this case also. BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 18338 |
Jul. 07 2017 |
INCORPORATION PROCEDURE –
(CORPORATE & OTHER LAWS)
WHETHER A MEMBER WITHOUT COP CAN SIGN THE DOCUMENTS RELATING TO INCORPORATION OF A SMALL COMPANY UNDER COMPANIES ACT 2013. BY: CA. PUSHPENDRA No answers yet View Answers | Post Answers |
| 18332 |
Jul. 06 2017 |
job work –
(GST)
Mr. A is Registered dealer who issued Standard gold for manufacturing to Mr B a reigstered dealer Mr B Issued the said Gold to Actual Job Worker, Whether Mr B will be considered as job worker lible for 5 Gst rate on job work charges charged to Mr.A BY: CA. TIWARI CHANDRAKANT SHYAMNA No answers yet View Answers | Post Answers |
| 18334 |
Jul. 06 2017 |
Time of supply of continous supply of goods –
(GST)
As per sec 12(2) of CGST Act, Time of supply (among others) shall be the last date (i.e, due date) of issue of invoice us 31(1). But the time of issue of invoice in case of continous supply of goods is dealt by sec 31(4). my question is whether the due date of issue of invoice is relevant for deciding the time of supply in case of continous supply of goods? BY: shashank gupta No answers yet View Answers | Post Answers |
| 18329 |
Jul. 05 2017 |
ITC AVAILMENT –
(GST)
X a trader deals in electrical items, and also has a separate business of building housing complex. My query is whether ITC of purchases of both the segment ie trading and housing is adjustable in outward supply of only trading items. (X has obtained only one GST number) BY: pradeep kumar agrawal No answers yet View Answers | Post Answers |
| 18326 |
Jul. 04 2017 |
GST on Service –
(GST)
My client is in business of running buses for transportation of employees of one company. Now one another person enters into contract to provide this transportation service with company. Company makes payment to this another person who uses buses of my client. That another person keeps certain percentage of income with him and transfer remainning amount to my client. this another person has already paid service tax on such income. So my client is again liable to pay service tax on this. And such services provided will be considered in turnover of my client or not. BY: shivani joshi No answers yet View Answers | Post Answers |
| 18303 |
Jun. 30 2017 |
RCM liability –
(GST)
AS per the RCM provision, a service provider well within the threshold limit would be required to register just to save hisher client from RCM, which is otherwise not necessary. As client may not wish to pay RCM for his CAadviserGST consultant BY: SURAJ KUMAR CHOUDHURY No answers yet View Answers | Post Answers |
| 18299 |
Jun. 29 2017 |
GST Practitioner –
(GST)
Should we register as GST Practitioner? If we register, will it amount to professional misconduct because we will be providing other services to our audit clients? BY: JAMESKUTTY ANTONY No answers yet View Answers | Post Answers |
| 18280 |
Jun. 26 2017 |
Input credit on closing stock –
(GST)
There is a category of TextileShawl traders at present exempted from VAT.They were purchasing from manufacturers who themselves were enjoying SSI exemption limit in Excise and VAT was also not applicable on their products.In this scenerio, The trader is not having Excisevat paid invoices.In the absence of ExciseVat paid invoices,How will they claim Input credit .Though at some point of time,while manufacturing Yarnselling yarn(which is the raw material for textiles)Excise dutyvat must have been paid. Please advice. CA Mahesh Aneja 9417814010 BY: Mahesh Kumar No answers yet View Answers | Post Answers |
| 18282 |
Jun. 26 2017 |
RCM –
(GST)
Whether RCM would be applicable on each and every supplies or any threshold is there? If so, why one go to get supplies from UR, every one would search for Registered only? Then threshold remains only applicable in case of persons dealing in B2C only. Also, It would be basically impossible to claim Input Tax Credit on services e.g. Telephone, courier bills etc. (because how each and every service recipient would submit their ARN with service provider) BY: SURAJ KUMAR CHOUDHURY No answers yet View Answers | Post Answers |
| 18283 |
Jun. 26 2017 |
THRESHOLD LIMIT –
(GST)
As per Service tax regime, Service provider upto threshold can keep the registration and file nil return. As and when he cross the limit he can be a regular assesse. But in GST regime, whether any such provision exist or not? Once registered he has to be regular assessee and cant opt for threshold. Now, the important question is that, if his turnover is below threshold, why he cant be questioned for lower turnover? BY: SURAJ KUMAR CHOUDHURY No answers yet View Answers | Post Answers |
| 18284 |
Jun. 26 2017 |
Queries on GST –
(GST)
presently we have lot of dealers under KVAT like once in Pharma business who dont maintain stock register integrated with financial records. How important is Stock records in GST regime? Why details of statutory forms are being asked from April 15 to June 2017? What is the significance? Details of statutory forms received for which credit is being carried forward is being asked in Tran 1 form- What is this credit forward? An assessee can obtain seperate registration for different business verticals in Same state. Please confirm If answer to 4 is yes , can the registered address for all verticals be same Can Mutliple people obtain GST registration on single premises? For new Registration to be obtained under GST are the Jurisdictional officers defined regards BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 18285 |
Jun. 26 2017 |
Few more queries on GST –
(GST)
Dear All 1. Under Karnatak Luxury Tax Act, accommodation provided in an ICU charging more than 1000day per room attracts Luxury Tax . No such provision appears to be incorporated in GST law. Can we assume that ICU room rent is exempt from GST as it is health care services provided by clinical establishment? 2.Whether the foodmedicines supplied to inpatients continues to be exempt from GST by virtue of BSNL case law. 3.High seas sales were exempt from CST under the earlier regime as it is considered as sales in the course of import. However, under GST an importer is liable to pay IGST. In such circumstances how the GST liability get discharged in the following cases. (1) A is an importer located in Bangalore imports certain goods from Dubai, however before the goods enter the custom frontier of India, he makes an agreement to sell the goods to B of Chennai. How the GST liability discharged by A and B. (2) What is the answer if B is located in SEZ unit. Regards Prashanth BY: Prashanth Karanth No answers yet View Answers | Post Answers |
| 18273 |
Jun. 25 2017 |
Anti - profiteering –
(GST)
Whether manufacturer should ensure he is transferring the benefits to the GST to the customers by maintaining his pre-GST margin in percentage terms or in rupee terms? BY: CA. BHALERAO PRASAD PRAKASH No answers yet View Answers | Post Answers |
| 18275 |
Jun. 25 2017 |
Job work –
(GST)
Sec 143 (1) permits sending inputs to job worker without payment of duty "Under Intimation". Any format or reporting structure is notified for this? BY: CA. BHALERAO PRASAD PRAKASH No answers yet View Answers | Post Answers |
| 18277 |
Jun. 25 2017 |
Supplies by SEZ unit to domestic unit –
(GST)
Does the recipient treat SEZ goods and services as imports? If yes, whether reverse charge shall apply to services supplied by SEZ units? BY: CA. BHALERAO PRASAD PRAKASH No answers yet View Answers | Post Answers |
| 18271 |
Jun. 21 2017 |
GST RETURN –
(GST)
IF SELLER "A" SELLS GOODS ON SAY 3172017 AND BUYER "B" RECEIVES GOODS ON 182017 NOW SELLER HAS TO SHOW THIS SALE IN JULY RETURN. SINCE THE BUYER RECEIVED GOODS IN AUGUST , HOW BUYER "B" VERIFY THIS SALE OF "A" IN RETURN OF JULY AS HE ACCOUNT FOR THIS PURCHASES IN HIS RETURN OF AUGUST? KINDLY EXPLAIN HOW TO SHOW THIS TRNSACTION IN GST RETURN OF BOTH SELLER A" AND BUYER "B"? BY: SHYAM SUNDER No answers yet View Answers | Post Answers |
