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Q.1 What are the situations which may give rise to refund under GST? Ans. A claim for refund may arise on account of- 1. Export of Goods or services on payment of tax 2. Supply of goods or services to SEZs units and developers on payment of tax 3. Export of Goods or services under Bond/Letter of Undertaking, without payment of tax
Q.1 Who is the person responsible to make assessment of taxes payable under the Act? Ans: Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he shall file the return required under section 39.
Q.1 What is the purpose of returns? Ans: a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period; d) Providing necessary inputs for taking policy decision; e) Management of audit and anti-evasion programs of tax administration.
Q.1 What is Input Service Distributor (ISD)? Ans: ISD means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST),
Q 1. What is input tax? Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.
Q.1 What is job work? Ans: Job work means undertaking any treatment or process by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods belonging to other person is called job worker and the person to whom the goods belongs is called principal.
Q.1 What is Electronic Commerce? Ans: Electronic Commerce has been defined to mean the supply of goods or services or both, including digital products over digital or electronic network.
Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and the State/UT GST (SGST, going into the account of the concerned State Government).
Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be the transaction value which is the actually the price paid or payable, when the parties are not related and price is the sole consideration. The MGL further elaborates various inclusions and exclusions from the ambit of transaction value.
Q.1 What is time of supply? Ans: The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The CGST/SGST Act provides separate time of supply for goods and services.
