Solution provided through Twitter and /or FAQ in some cases are contradictory in nature and even FAQ are having disclaimer which is creating confusion.

Supply of Business Assets on which Credit has not been availed is subject to tax again

Twitter has clarified that tax on the sale of capital assets is not subject to tax whereas provision of law does not provide such mechanism.

Salary to Partner by Partnership firm

Twitter has clarified that salary paid by partner by partnership firm is not subject to tax whereas it has not been clarified through circular or any notification exemption being provided.

An Individual renting residential dwelling to Pvt Ltd Co. for residential use of director/officer.

Twitter replied liable to GST wherein exemption being provided for residential use.

Employee reimbursement

Twitter has clarified that employee reimbursement are generally (with disclaimer) are not liable to GST. Earlier it was explained that it is subject to tax also.

Credit of tax paid on RCM

Twitter has clarified that tax paid under RCM be allowed in the next month and as well as same month, dual answer. No such official clarification being provided.

Credit of KKC

Twitter has clarified that tax paid under KKC is not allowed, however it was an eligible duty under earlier law and restriction of credit is unnecessary leading to cascading.

Source- Suggestions on GST Implementation Issues by ICAI

How to Register as GST Practitioner?

More Under Goods and Services Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

November 2020