IDT Flashcards
True or False -
GST is a destination based tax?
True
What is cascading effect?
Avoidance of tax on tax or cascading of taxes, hence tax only on value added at each stage.
Which goods are not subject to GST?
Alcoholic liquor for human consumption, ATF, Diesel, Petrol, Petroleum crude and Natural Gas.
Is tobacco and tobacco products subject to GST? What about opium?
Yes they are subject to both GST and central excise duty.
Opium is subject to both GST and state excise duty.
Special provision states
3M ne PAK mai business SHUT kiya –
Manipur, Meghalaya, Mizoram, Arunachal Pradesh, Assam, Jammu & Kashmir, Sikkim, Himachal Pradesh, Uttarakhand, Tripura.
Maximum rate of CGST?
20%`
Section 9?
Charge of Tax
Section 7
Supply
Are transactions in interest rate swaps or foreign exchange swaps liable for GST?
What about securities lending?
No. since they are securities.
However, Securities lending is not a txn between securities but it is facilitating or arranging txn in securities, hence taxable.
Any transfer of right in goods/undivided share is to be treated as supply of goods or services?
Supply of services
Grant of alcoholic liquor license is supply of good or services?
Generally it should be supply of services, but since as per Schedule 3, it is to be treated as neither.
Section 8?
Composite or Mixed Supply
Are services provided by Business facilitator and business correspond liable for RCM? And what about their agents.
Business facilitator providing service to banking co. in TT is RCM, Agent is not.
Business correspondent is not RCM but FC. But Agent of business correspondent is covered under RCM.
Is ITC available to suppliers opting for composition scheme?
No
Section 10?
Composition scheme
Section 12 ?
Time of supply of goodse
Section 13?
Time of supply of services
Section 14?
Change in rate of tax while time of supply
Section 15?
Value of supply
What is the notification number for Exemptions of services ?
NN 12/2017
Section 17?
Apportionment of credit and blocked credits.
Section 22?
Person Liable for registration.
Section 24?
Compulsory registration in certain cases
Section 23?
Persons not liable for registration
Section 25?
Procedure for registration
Within how many days a person should apply for registration ? What about CTP or NRTP?
Within 30 days from date he becomes liable to registration.
CTP or NRTP shall at least 5 days prior to commencement of business.
Are SEZ units and developers exempted from e invoicing?
SEZ units are exempted, not developers.
What is default rate of tax and nature of supply if the same are not determinable?
Rate of tax - 18%
Nature of supply - Inter state
What is TRANSIN in E way bill?
Unique number generated by EWB system for unregistered transporter.
What is the rate of interest on delayed payment of tax?
18% calculated on daily basis.
Section 54?
Refund of Tax
Can unregistered person apply for refund?
Yes, by taking temporary registration. Also, he is not required to submit CA/CMA certificate for the same.
Section 65 and section 66?
Audit and Special audit
Section 69?
Power to Arrest
Section 73?
Determination of tax not paid or short paid for reasons other than fraud.
Section 74?
Determination of tax not paid or short paid for reasons relating to fraud.
Section 79?
Mode of recovery of tax
Rulings made under Advance ruling are binding? True or False?
True
Which bench shall hear the appeal as AT in case of place of supply?
Principal bench and not state bench.
