FAQ issued by CBEC on Twitter

100 Freqeuntly Asked Question  GST

Taxable Event in GST

Under GST Tax is on supply of goods or services,or both.

Whenever there is supply taxable even occurs.

List of Items Covered under Reverse Charge

List of Items Under RCM

HSN Code or ACS Code to be Mentioned in Invoice

Invoice is  required to have HSN Code of goods or Accounting Code of Services(ASC).For this purpose taxable persons are classified in 3 catrgories:-

S.No. Turnover Digits of HSN or SAC Code Required 1 Less than Rs 1.50 Crores  Not required to be mentioned 2 Turnover between Rs.1.50 to Rs.5 crores 2 Digit HSN Code 3 Turnover Above 5 Crores Minimum 4 digits For Export Goods 8 Digit

INPUT TAX CREDIT AVAILMENT AND UTILISATION

How to avail and utilise the credit of these taxes:

  

• Credit of CGST should be utilised first for payment of CGST and than for payment of IGST.

• Credit of SGST/UGST should be utilised first for payment of SGST/UGST and than for payment of IGST.

• Credit of IGST should be utilised first for payment of IGST then for the payment of CGST and at last for the payment of SGST/UGST.

Note: Credit of CGST cannot be used for payment of SGST/UTGST
                                                          and 
          Credit of SGST/UTGST cannot be utilised for payment of CGST.

COMPOSITION SCHEME UNDER GST

Composition scheme is an option to small taxable person to pay tax at very low rate on the basis of turnover.

• Small Taxable Persons having turnover upto ₹ 20 Lakhs are exempt from GST. For North Eastern States,Himachal Pradesh,Uttarakhand and Jammu & Kashmir Limit is ₹ 10 Lakhs.

LIST OF GST RETURNS WITH DUE DATE