JOJY THOMAS (CHARTERED ACCOUNTANT) (295 Points)
24 June 2017Whether an existing dealer under VAT whose turnover exceeds 1 crore for the period April 2017 to June 2017 can claim the initial tax exemption of 20 Lakhs under GST Act. ie for the first 20 lakhs turnover he can issue invoices without collecting GST.
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 24 June 2017
No sir you have to consider the aggregate turnover for the financial year and the FY starts from April...your turnover has already crossed the limit.
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 24 June 2017
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 24 June 2017
Rashmi
How is the relief under GST for supplies to Export processing Zone and if so whether proportionate input not to be claimed or will get refund or it will be in the electronic account ledger only.
There is no separate col exempted Export processing Zone supplies
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 24 June 2017
As per the current norms, SEZs are tax and duty-free enclaves and are deemed to be
foreign territory for purposes of taxes, duties and trade. Incentives offered to SEZ
units include duty-free import and duty-free domestic procurement of goods for
development, operation and maintenance of SEZ units. SEZ units are also exempted
from Central Sales Tax (CST), service tax and State sales tax.
There is no excise duty on raw material procurement by SEZs from Domestic Tariff
Area (or DTA, which is the area outside the SEZs but within India) as such
procurement is treated as exports from DTA to SEZ. Besides, procurement by SEZs
does not attract CST and even Value Added Tax.
As per Model GST law, no exemptions have been specified for SEZ units. Upfront
exemption from customs duty/ excise duty for SEZ units (including service tax and
CST exemption for SEZs) may not continue as GST will be payable on imports or
procurements from DTA to SEZ.
The GST paid on such procurements will be eligible as refund and therefore, will
impact the working capital requirements of such units.
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 24 June 2017
Read eveything what you want to know.
https://www.gstcounsellor.com/PDF/945246.pdf
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 24 June 2017
Rashmi,
as practicing consultant you know 01st July all laws subsumed in GST hence no code of procedure will work , as such SEZ
if not registered under GST then all supplies will be unregistered and supplier has to pay the GST if at all payable.
is it right
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 24 June 2017
Rashmi
In case of fire accident happens in stock in trade , is the GST involved in the inward material reimbursed by GST , because insurance will not be paying.
is invoice for the accident material to be prepared to claim how is the procedure
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 24 June 2017
Like wise services by GSTN itself is not exempted and as such they may issue invoice on the GSTN registered assesses,
can we take input services GST hypothetical value and expunge with our output value.
IN earlier regime each and every services were exempted by notification , can you please throw some light or website for such
exemption in particular ,
Like cleaning services offered thru e commerce website collecting GST i suppose but are they paying and are we allowed business house to take credit though e commerce is also taxable
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 24 June 2017
Like wise services by GSTN itself is not exempted and as such they may issue invoice on the GSTN registered assesses,
can we take input services GST hypothetical value and expunge with our output value.
IN earlier regime each and every services were exempted by notification , can you please throw some light or website for such
exemption in particular ,
Like cleaning services offered thru e commerce website collecting GST i suppose but are they paying and are we allowed business house to take credit though e commerce is also taxable
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 24 June 2017
Not much idea about this.
Sanjay Vyas
(Co-founder)
(92 Points)
Replied 22 May 2018
Read all the detailed information on gst basic to advanced gst exemption.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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