Ans. Yes, the registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger – section 143.
Ans. Yes, he will be entitled to full credit in 2017-18 - explanation to section 144 (1).
Ans. He shall be entitled to credit only when ITC on such
goods were admissible under the earlier law and is also
admissible in GST. Since on the two items credit was not
available under the earlier law, the said person cannot
claim it in GST – proviso to section 144(1).
Ans. The recovery relating to ITC wrongfully enjoyed will be done under GST only - section 143 to 146.
Ans. A manufacturer having a turnover of say Rs 60
lakhs was enjoying SSI exemption earlier, will have to be
registered in GST as the said turnover exceeds the basic
threshold of Rs 10 lakhs - section 9.
A trader having turnover below the threshold under
VAT making sales through e-commerce operator will be
required to be registered in GST. There will no threshold
for such persons – section 145 read with section 9 and Schedule III.
Ans. No, VAT does not cover services. Under it, only goods are covered.
Ans. No. He shall have to pay an amount equivalent to
the credit of input tax on inputs held in stock on the day
immediately preceding the date of switchover. The amount
can be paid either through the electronic credit ledger or
the electronic cash ledger. Where payment is made through
the electronic credit ledger, excess ITC balance lying, if any, will lapse.
The relevant section is section 147.
Ans. First, find out whether the goods are taxable in GST
or not. Secondly check whether the goods were returned
after 6 months from the appointed day. If the answer to
both happens to be ‘yes’ then the person returning the
goods will have to pay tax in GST.
However, where the goods are returned within 6 months
from the appointed day, no tax will be payable by the
person returning them if the goods are identifiable and tax
was paid under the earlier law at the time of its sale, made
not earlier than 6 months from the appointed day.
The relevant section is section 149.
Ans. No tax shall be payable by the manufacturer or the job worker under the following circumstances:
• Inputs/ semi-finished goods are sent to the job worker in accordance with the provisions of the earlier law before the appointed day.
• The job worker returns the same within six months from the appointed day (or extended period of 02 months).
•Both the manufacturer and the job worker declare the details of inputs held in stock by the job worker on the appointed day in the prescribed form.
The relevant sections being section 150 and section 151.
Ans. Tax would be payable by the job worker. Further, the manufacturer will also be liable to pay tax on expiry of the specified time limit – section 150 (1) & section 151(1).
Ans. Yes, a manufacturer can as per the provisions of the
earlier law transfer the said goods to the premises of any
registered taxable person on payment of tax or without
payment of tax for exports within 6 months or extended
period from the appointed day – section 152.
Ans. No tax will be payable in GST by the manufacturer or by
the Job worker where the goods removed prior to the appointed
day for carrying out process not amounting to manufacture
are returned within 6 months from the appointed day (or
extended period of 02 months) – section 152.
Ans. The person returning the goods shall become liable to pay tax if the said goods are liable to tax in GST and are returned after 6 months from the appointed day – proviso to section 152.
Ans. No, it is not automatic. It shall be extended by the competent authority only on sufficient cause being shown.
Ans. The taxable person may issue the debit/credit note(s) or a supplementary invoice within 30 days of the price revision.
In case where the price is revised downwards the taxable person shall be allowed to reduce his tax liability only if the recipient of the invoice or credit note has reduced his ITC corresponding to such reduction of tax liability – section 153.
Ans. The pending refund claims shall be disposed of in accordance with the provisions of the earlier law – section 154.
Ans. It shall be disposed of in accordance with the provisions of the earlier law only in both the cases –section 155/156.
Ans. The refund shall be made in accordance with the provisions of the earlier law only. In case any recovery is to be made then it will be made as an arrear of tax under GST.
Ans. The same shall be refunded in accordance with the provisions of the earlier law – section 158.
Ans. On such supplies GST will be payable – section 159.
Ans. No tax shall be payable on supply of goods/services
on or after the appointed day if the consideration for it has
been received prior to the appointed day and the duty/
tax thereon has already been paid under the earlier law section 160.
Ans. No, provided the full duty/tax on such supply has already been paid under the earlier law – section 161.
Ans. Yes, irrespective of whether the invoice(s) relating to such services is received on or after the appointed day section 162.
Ans. The agent can take such credit on fulfilment of the following conditions:-
• The agent is a registered taxable person in GST;
• Both the principal and the agents declare the details of stock lying with the agents on the date immediately preceding the appointed day;
• The invoices for such goods had been issued not earlier than 12 months immediately preceding the appointed day;
• The principal has either reversed or not availed of the ITC in respect of such goods.
This provision is applicable to SGST law only section 162A and section 162 B
Ans. Yes, if such goods are liable to tax in GST and the person who rejected or not approved the goods returns it after 6 months (may be extended by 2 months) from the appointed day.
This provision is applicable to SGST law only – section 162D