GST

Traders currently are not allowed to take cenvat credits. As of July 1, 2017, they will have duty-paid stock. It possible, however, that traders might not have the duty-paid documents for such stock. Are there any GST plan that allow trader to claim GST?

Yes, If they have duty-paid invoices, the full credit of ITC for existing stock can be transferred to GST. (Refer to Q 24). If no duty paid invoices can be found, traders will have access to a deemed credit program as described below.

Sr. No.Types of taxpayerDetails to be informITC amount available
1.

Under central laws trader is not liable to register

( To submit on or before 30.09.2017 , Form TRANS -1 )

Stock of inputs (held as inputs/ semifinished/finished goods) to be used in making taxable supplies, where duty-paying documents are available with traderDuty amount will be payable as per sbmitted invoice details
2.

Under central laws trader is not liable to register 

( To submit at the end of the first six month )

Stock of inputs (contained as inputs/ semifinished/finished goods) that can be used to make taxable supplies in cases where duty-paying documents are not available with traderIf intra-State supplies are made, 60% of the Central Tax will be paid (in the case rate for total tax is 18%/28%) and 40% of the Central taxes paid (in the case rate for total tax is 5%/12%). In the case of inter-State supply, 30% or 20% of the integrated tax will be allowed

 


The statutory provisions of Anti-profiteering will kick in for what kind of instances?


State the functions of National Anti-Profiteering Authority.


Does Customer pay GST extra on maximum retail price (MRP) of goods?


Where the complaints of redresssal are filled ,if a consumer has been over-charged in name of GST?


What are the complaint redressal mechanism available to consumer if there is profiteering using the name of GST?


How to file complaint against profiteering?


For multiple Goods and services, Is one form sufficient?


To identify the cases of profiteering, what are the methodology?


What are the steps taken by the Consumer Affairs Ministry of the of Indian government in order to stop profiteering after applying the GST?


What can consumers do if shopping malls and retail shops are selling goods at pre-GST attached labels?


From the Anti -profiteering provisions, how can buyers of under-construction flats be benefited?


Can the Anti-profiteering Provisions be used to take action if the benefit of the transitional credit is not passed on to consumers?


For deciding cases of Anti-profiteering provisions, what are the time-frames?


What should a defendant ensure during the complaint to Screening /Standing Committee?


To justify its prices, a company may need to provide information that could be classified and might affect its business interests?


Where can someone access to the orders passes through NAA?


What do you mean by E-way Bill?


What is the E-way Bill common portal?


Define Consignment Value.


​Is tax included in the consignment value? Value may not be available in cases of movement that isn't by way of supply. What is the best way to value these cases?