This is in continuation of Part 1, Part 2 and Part 3 of FAQs on GST
76. I am a trader. I have excise paid purchase invoice. Whether I can claim credit of full excise duty on closing stock of July 1, 2017?
Ans. Full transition credit of
such duty will be available on stock in hand in respect of which you have duty
paying excise document subject to conditions under Section 140(3) of the CGST
Act.
77. If a trader purchases
directly from manufacturer and has documents showing excise, will he get full
excise credit or 40 per cent of CGST?
Ans. Full transition credit of
such duty will be available on stock in hand in respect of which you have duty
paying excise document subject to conditions under Section 140(3) of the CGST
Act.
78. If an FSD purchases
directly from manufacturer and has value cum excise duty and excise duty is not
separately shown will he get full credit?
Ans. Full transition credit of
such duty will be available on stock in hand in respect of which you have duty
paying excise document subject to conditions under Section 140(3) of the CGST
Act.
79. Is the full excise
credit also available to traders who purchases directly from manufacturers and
excise is separately shown in invoice?
Ans. Full transition credit of
such duty will be available on stock in hand in respect of which you have duty
paying excise document subject to conditions under Section 140(3) of the CGST
Act.
80. In June 17 VAT return no
amount carried forward and held stock of Rs 50 lakh. Then can we take credit of
that stock or not?
Ans. The supplier would be
eligible to carry forward the closing balance of ITC from VAT return for June
17.
81. What will be the impact
of closing stock which has been already paid vat on 1st July?
Ans. The supplier would be
eligible to carry forward ITC on such stock from VAT return for June 17.
82. If in VAT return refund
claimed in June 17 and no balance credit in GST. Then what's the position of
submission of Form C
Ans. Refund claimed under existing
law will be handled as per the provisions of the existing law. Form C to be
submitted in terms of provision of Rule 1(1) of Transition Rules.
83. Some service was
provided on June 28, 2017 but invoice will be raised on July 5, 2017. Whether
we have to charge Service Tax or GST?
Ans. If Point of Tax arises
after appointed date, then GST will be chargeable on such supply.
84. Would we be eligible for
credit on Capital Goods in transit and received post GST?
Ans. No provision for such
credit is there in GST law.
85. What about VAT balance
pending on transition date?
Ans. Balance VAT credit in the
return will be transferred to new provisional ID as SGST Credit.
86. What about deemed export
against Form H?
Ans. Form H will not be there
in GST.
87. Who will bear tax
difference on closing stocks as on June 30, 2017? Whether the
manufacturer/dealer or government?
Ans. Closing ITC in VAT return
will be allowed to be carry forward in GST.
88. How will we get input
credit on stock in hand for spare parts billed from other state, excise, CST
and entry tax paid?
Ans. For all inputs with duty
paying documents available respective CGST/SGST credit will be available. But
credit of CST will not be available.
89. A trader buys from
manufacturer not registered in excise as his turnover is below 1.5 crore. Then
in such case can traders take ITC on stock up to 40 per cent?
Ans. Deemed credit will be
available on stock in hand provided the conditions of section 140(3) read with
Rule 1(4) of Transition Rules are satisfied.
90. Whether we will be
eligible for credit of duty paid on Capital Goods in transit and received post
GST?
Ans. No such provision in GST.
91. Can ITC of Swachh Bharat
Cess or Krishi Kalyan Cess be carried forward under GST?
Ans. No.
92. Will Clean Energy CESS
on imported Coal at the rate of Rs 400 PMT continue to be applicable in GST?
Ans. No. Clean Energy Cess is
being repealed. Coal, however, will be subject to compensation cess at the rate
of Rs 400 per tonne.
93. Whether closing balance
of education cess and secondary higher education cess prior to March 1, 2015
can be carried forward in GST?
Ans. No, it will not be carried
forward in GST as it is not covered by definition of "eligible duties and
taxes" under Section 140 of the CGST Act.
94. Can you clarify for 40
per cent benefit on closing stock does one year limit apply or not?
Ans. Deemed credit will be
available for all stock procured within a 1 year period.
95. Till what time is
transition credit available? Where do I need to declare my input stock?
Ans. The window to declare
transition credit forms is three months from the appointed day. Please refer to
transition rules for more details.
UTGST
96. Will there be GST in
Andaman and Nicobar Islands as previously there was no VAT?
Ans. Yes. For supplies within
Andaman and Nicobar Islands, CGST plus UTGST would be leviable.
OTHERS
97. Whether IGST would be
levied twice on high seas sales? First on high seas sales and second on custom
clearance. IGST paid on 1 available as ITC?
Ans. IGST shall be levied only
once on imports.
98. Will Krishi Mandi Fee
(imposed in U.P.) be waived off in GST?
Ans. GST does not concern such
fee so GST does not affect it.
99. Is E-Way Bill applicable
from July 1, 2017?
Ans. The present system for
E-way Bill in states will continue till the E-Way Bill procedures are
finalised.
100. Is there a sunset
clause for Anti-Profiteering law?
Ans. Yes, the sunset clause for
Anti-profiteering Authority is of two years.
FAQs on GST is available in 4 parts.
This is the concluding and closing part of FAQs on GST series.
