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Vikash Anand

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  1. Asked: January 16, 2019In: GST

    What would be the GST implications in case the goods are returned by the job worker after the stipulated period?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:56 am

    If such goods are returned by the job worker after the stipulated time period, the same would be treated as a supply by the job worker to the principal and in accordance with the provisions contained in the CGST, the job worker would be liable to pay GST if he is liable for registration.

    If such goods are returned by the job worker after the stipulated time period, the same would be treated as a supply by the job worker to the principal and in accordance with the provisions contained in the CGST, the job worker would be liable to pay GST if he is liable for registration.

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  2. Asked: January 16, 2019In: GST

    I want to know if the value of moulds and dies, jigs and fixtures or tools provided by the principal that are used later for providing job work services shall be included in the value of job work services?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:56 am

    As per the section 15(2)(b) of the CGST Act provides that any amount that the supplier is liable to pay in relation to the supply but which has been received by the recipient will form part of the valuation for that particular supply, provided it has not been included in the price for such supply. ARead more

    As per the section 15(2)(b) of the CGST Act provides that any amount that the supplier is liable to pay in relation to the supply but which has been received by the recipient will form part of the valuation for that particular supply, provided it has not been included in the price for such supply. Accordingly, the value of such moulds and dies, jigs and fixtures or tools may not be included in the value of job work services provided that moulds and dies, jigs and fixtures or tools are used in the supply of such services by the job worker.

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  3. Asked: January 16, 2019In: GST

    How would be the time and place of supply be determined, where the supply is made by the principal from the premises of the job worker?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:55 am

    Since the supply is being made by the principal, the time, value and place of supply would have to be determined in the hands of the principal irrespective of the job worker’s place of business/premises.

    Since the supply is being made by the principal, the time, value and place of supply would have to be determined in the hands of the principal irrespective of the job worker’s place of business/premises.

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  4. Asked: January 16, 2019In: Input Tax Credit

    What is input tax?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:55 am

    Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on the inward supply of goods or services or both made to a registered person. It also includes tax paid on a reverse charge basis and integrated tax charged on the import of goodsRead more

    Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on the inward supply of goods or services or both made to a registered person. It also includes tax paid on a reverse charge basis and integrated tax charged on the import of goods but does not include composition levied tax.

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  5. Asked: January 16, 2019In: Input Tax Credit

    What is Input Tax Credit?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:55 am

    Input Tax Credit means the credit of input tax on the supplies of goods or services or both received by a registered person.

    Input Tax Credit means the credit of input tax on the supplies of goods or services or both received by a registered person.

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  6. Asked: January 16, 2019In: Input Tax Credit

    Can GST be paid on reverse charge basis be considered as input tax?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:54 am

    Yes the GST paid on reverse charge basis shall be considered for input tax as the term input tax includes the tax payable under the reverse charge basis.

    Yes the GST paid on reverse charge basis shall be considered for input tax as the term input tax includes the tax payable under the reverse charge basis.

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  7. Asked: January 16, 2019In: Input Tax Credit

    Does input tax includes CGST,SGST or IGST paid on input goods or services and capital goods?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:54 am

    Yes, it includes taxes paid on input goods or services and capital goods. Credit of tax paid on capital goods is allowed to be claimed in one instalment.

    Yes, it includes taxes paid on input goods or services and capital goods. Credit of tax paid on capital goods is allowed to be claimed in one instalment.

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  8. Asked: January 16, 2019In: GST

    Is credit of all input tax charged on supply of goods or services allowed under GST?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:53 am

    A registered person is entitled to take credit of input tax charged on supply of goods or services or both to him which are used or intended to be used in the course or furtherance of business, subject to other conditions and restrictions.

    A registered person is entitled to take credit of input tax charged on supply of goods or services or both to him which are used or intended to be used in the course or furtherance of business, subject to other conditions and restrictions.

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  9. Asked: January 16, 2019In: Input Tax Credit

    What are the conditions that need to be fulfilled for obtaining ITC?

    Vikash Anand
    Added an answer on January 16, 2019 at 11:53 am

    Following conditions are to be fulfilled by the registered taxable person for obtaining ITC: (a) S/he is in possession of tax invoice or debit note or such other tax paying documents such as BOE or ISD (b) S/he has received the goods or/and services; (c) the supplier has paid the tax charged regardiRead more

    Following conditions are to be fulfilled by the registered taxable person for obtaining ITC:

    (a) S/he is in possession of tax invoice or debit note or such other tax paying documents such as BOE or ISD

    (b) S/he has received the goods or/and services;

    (c) the supplier has paid the tax charged regarding a supply made to a government; and

    (d) S/he has furnished the return under section 39.

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  10. Asked: January 14, 2019In: GST

    Is there any exemption on Gold, owing to the fact that GST rate is only 3% and TCS on it will cut-off the seller margin?

    Vikash Anand
    Added an answer on January 14, 2019 at 11:44 am

    No such exemption is provided under TCS.

    No such exemption is provided under TCS.

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