What is liable to reverse charge
Generally, the supplier of goods or services is liable to pay GST.
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply..
Are gifts subject to GST
Gifts are not subject to GST.
Is BCD refundable
For the supply of imported goods to SEZ units, refund of BCD would be allowed. You need to visit SEZ rules viz. rule 24, 53 and various other rules.
Can customs duty be claimed back
The customs laws in India provide for a refund of customs duty paid on imported goods under the duty drawback scheme. … The drawback claim can be filed along with prescribed documents with the customs authorities, once the goods are placed under their control for re-export.
How do you treat replacement of goods under GST
Ans: Where free replacement is provided to the customers without consideration under warranty, no GST is chargeable on such replacement. In such cases goods may be sent on delivery challan as provided in rule 55 of the CGST Rules, 2017.
WHO issued goods rejection note
For rejecting goods, under Section 34 of CGST ACT 2017, supplier of goods should issue credit note and he should declare this credit note in GSTR-1.
How do you account for goods returned
Accounting for sales return is mainly concerned with the revising of revenue and cost of goods sold previously recorded. For the seller, revenue can be revised by debiting the sales return account (A contra account by nature) and crediting cash/accounts receivable with the invoice amount.
Can sale price be less than purchase price under GST
However, if the selling price is less than purchase price, that negative value will be ignored. Persons who purchase second hand goods after payment of tax to supplier of such goods will be governed by this valuation rule only when they do not avail input tax credit on such input supply.
What is FOC invoice
Related topics. The following describes the accounting transactions the system creates when you invoice a VAT based item when the FOC field on the sales order line is set to YES, i.e. your customer should not pay anything for the item on the invoice (free of charge).
What are the 3 types of GST
The 4 types of GST in India are:SGST (State Goods and Services Tax)CGST (Central Goods and Services Tax)IGST (Integrated Goods and Services Tax)UGST (Union Territory Goods and Services Tax)
Do I have to pay GST every month
Current GST return filing requires that every month, once GSTR-1 is filed to report Sales, one must file GSTR-3B to report the ITC and make necessary GST Payment. Also if a refund is required to be claimed the same can be done by filing relevant refund related forms.
Who is responsible for service tax under reverse charge mechanism
On service portion in execution of works contract service provider is liable to pay service tax on 50% portion and on rest, service receiver is liable to pay under reverse charge mechanism.
How do I return rejected goods under GST
Immediately after receipt of credit note recipient need to reverse ITC taken on such rejection. After this supplier will reduce his output tax liability in his current or subsequent return as the case may be. Physical movement of return has to take place under a Delivery challan as per Rule 55 of GST Rules.
What are the types of GST returns
Types of GST Returns and Due datesGSTR-1. GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made. … GSTR-2A. GSTR-2A is a view-only dynamic GST return relevant for the recipient or buyer of goods and services. … GSTR-2B. … GSTR-2. … GSTR-3. … GSTR-3B. … GSTR-4. … GSTR-5.More items…•Apr 1, 2021
What is the correct procedure for returning goods to a supplier
Return to Supplier ProcessingGo to the Outbound Logistics work center.Go to the Common Tasks.Select New Return to Supplier.Select the Inbound Delivery item that you want to return.Select the Selection check box & Select Next.In the new screen enter the Return quantity & Reason for goods return.Review the Supplier Return & Select Finish.More items…•May 18, 2016
Is GST applicable on FoC
By levying tax on such a single price, GST is being charged even on the product / quantity which is said to be offered for free. … Hence, 3+1 or for that matter 1+1 scheme or extra quantity offered free supplies will attract tax only on such single price charged to the buyer.
Who is liable to pay GST in case of import of goods
If the above services are supplied in more than one State then all the states will be considered as the place of supplies. The states will share GST in proportion to the value of services. Remember: In case of import of services, you (the recipient) must pay GST under reverse charge.
Do I have to file GST every month
Every normal registered taxpayer under GST is required to file GSTR-1 each month.
What is the time limit for availing input tax credit
180 daysTo claim ITC, the buyer should pay the supplier for the supplies received (inclusive of tax) within 180 days from the date of issuing the invoice.
What is the time of supply of service in case of RCM
In case of reverse charge, the time of supply shall be the earliest of the following dates: the date of receipt of goods. the date of payment* the date immediately after 30 days from the date of issue of an invoice by the supplier.
What is a reverse charging
Having the Reverse Charging option in your smartphone lets you charge other smartphones by your smartphone using a USB cable. So, you can use your phone to charge your friend’s and use your phone just like a regular power bank. … With reverse wireless charging, the battery capacity of your device will increase.