0141-2351245, 4047632

Monthly Archives: August 2017

GST Impact on ITES Sector – Sectoral FAQs released by CBEC

FAQs on IT/ITES Sector released by CBEC Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property […]

Read More...

FAQs on GST on Government Services – Sectoral FAQs released by CBEC

FAQ: GST  on Government Services (Released by CBEC)   Question 1: Are all services provided by the Government or local authority exempted from payment of tax ? Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, services by the Department of Posts by […]

Read More...

GST Impact on MSME Sector – Sectoral FAQs released by CBEC

GST Impact on MSME Sector   Question 1: What is GST? Answer: GST stands for Goods and Services Tax, which is levied on supply of goods or services. “Supply” is a legal term which has very broad sweep and various types of economic activities are covered by it. For example, sale of goods is a […]

Read More...

GST Impact on Exports – Sectoral FAQs released by CBEC

GST Impact on Exports – Sectoral FAQs released by CBEC   Question 1: How are exports treated under the GST Law? Answer: Under the GST Law, export of goods or services has been treated as: interState supply and covered under the IGST Act. ‘zero rated supply’ i.e. the goods or services exported shall be relieved […]

Read More...

GST Impact on Drugs & Pharmaceuticals Sector – Sectoral FAQs released by CBEC

GST Impact on Drugs & Pharmaceuticals Sector – Sectoral FAQs released by CBEC Question 1: Whether formulations cleared have to be assessed to GST under transfer price mechanism or on the basis of MRP printed on them? Answer: The assessment of drugs and formulations under GST would be on the basis of transaction value at […]

Read More...

GST Impact on Textile Sector – Sectoral FAQs released by CBEC

GST Impact on Textile Sector – Sectoral FAQs released by CBEC Question 1: As per Chapter 53 heading 5303 of the GST rate schedule, raw jute has been kept at the NIL rate slab. Thus, it is presumed that suppliers dealing only in raw jute are not required to register themselves under GST. But Jute […]

Read More...

GST Impact on E-Commerce Industry – FAQs released by CBEC

Question 1: What is Electronic Commerce? Answer: Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products over digital or electronic network. Question 2: Who is an e-commerce operator? Answer: Electronic Commerce Operator has been defined in Sec. 2(45) […]

Read More...

GST Impact on Mining Industry – FAQ’s released by CBEC

Question 1: Can small mining leaseholders with a turnover less than Rs.75 lacs operate under composition scheme?   Answer: As per Sec. 10(1) of the CGST Act, 2017, a registered person whose aggregate turnover in the preceding FY did not exceed Rs.75 lakhs, would be eligible for paying GST under the composition scheme.   Question […]

Read More...