Supply includes - all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business.

At present, Alcoholic liquor for human consumption is out of the purview of GST. Petroleum crude, High Speed Diesel, Motor Spirit, Natural Gas and Aviation Turbine Fuel shall be taxed from a separately notified date.

Yes. Trading is also considered as supply and is chargeable under GST.

Every person whose Turn Over is more than Rs.20 Lacs should get registered for paying GST. Similarly, every person either importing or exporting goods or services or both or every person making Interstate supply should get registered even for a single transaction of supply. There is also other category called casual Taxable person doing one-time business e.g. NRI exhibiting his goods or services in an exhibition in India.

Yes. The supplier whose Turn Over is below Rs.20 lacs are exempted.

GST is to be paid online by accessing the GST website. By using the user id and password, you client can log in to the site and create challan and the payment can be done via NEFT/RTGS or net banking. The website is www.gst.gov.in

Yes. Separate codes are allotted for CGST, SGST, IGST UTGST and CESS.

Yes. Invoice is a must. The information such as name, address, GSTIN of the supplier and the receiver, name of the state and state code of the receiver, HSN code for supplies of goods and service, service code if service is supplied, Description Goods/service, value, rate of Tax, address of delivery and signature or digital signature of the authorized person is a must information in the Invoice.

20th of the following month of the supply is the due date for payment of GST. However, GST for the month of March needs to be paid by 31st March.

Yes. You have to pay GST on advance payment.AS the advance payment is on account of supply of goods or services, it is necessary to pay GST on advances received.

Yes. You will get refund of the excess tax paid by you. The refund will be credited to your Electronic Credit Ledger.

Yes. If you have crossed limit of Rs.20 lacs and you do not get registered, you will be penalized. In GST regime one cannot afford to remain without registration when one wants to run a business.

yes. You will get set off which is called as Input Tax credit i.e. ITC. However, the ITC will be applicable only if the input goods or services are used in the course or furtherance of business. The documents required are the invoice or debit note, bill of entry evidencing the payment of GST.

On the specified services, e.g. transport services, advocate services, director services etc. and supplies received from unregistered person, GST is payable by the receiver of the goods or services. In every other situation, the GST is to be paid by the supplier of goods or services.

TDS means Tax Deducted at Source and is mandatory for the Central or State Govt. or local authorities or Govt. agencies to deduct tax @1% from the payment made or credited to the supplier of taxable goods or services where the total value of such supply under a contract exceeds Rs.2.5 lacs.

Yes. Returns can be prepared by the GST Tax Practitioner duly registered under the related provisions of GST Act.

Every registered person is required to file total 3 monthly Returns. Out of these the first Return is to be filed on 10th 0f the following month; based on which further two Returns are auto populated. The final return is to be filed on 20th of the following month along with payment of GST.

Yes. Audits will be conducted by GST officers as duly prescribed.

Appeal procedures are in existence for redressal of any dispute.

Inputs and Capital Goods can be sent to the job worker for a period of one year and three years respectively. Jigs fixtures tools and dies can remain with the job worker for a period more than of three years. Maintaining proper records is the responsibility of the Principal Manufacturer.