GST

Traders currently are not allowed to take cenvat credits. As of July 1, 2017, they will have duty-paid stock. It possible, however, that traders might not have the duty-paid documents for such stock. Are there any GST plan that allow trader to claim GST?

Yes, If they have duty-paid invoices, the full credit of ITC for existing stock can be transferred to GST. (Refer to Q 24). If no duty paid invoices can be found, traders will have access to a deemed credit program as described below.

Sr. No.Types of taxpayerDetails to be informITC amount available
1.

Under central laws trader is not liable to register

( To submit on or before 30.09.2017 , Form TRANS -1 )

Stock of inputs (held as inputs/ semifinished/finished goods) to be used in making taxable supplies, where duty-paying documents are available with traderDuty amount will be payable as per sbmitted invoice details
2.

Under central laws trader is not liable to register 

( To submit at the end of the first six month )

Stock of inputs (contained as inputs/ semifinished/finished goods) that can be used to make taxable supplies in cases where duty-paying documents are not available with traderIf intra-State supplies are made, 60% of the Central Tax will be paid (in the case rate for total tax is 18%/28%) and 40% of the Central taxes paid (in the case rate for total tax is 5%/12%). In the case of inter-State supply, 30% or 20% of the integrated tax will be allowed

 


Migratory FAQs


How GST is beneficial for traders ?


Are all traders need to register under GST ?


Is it mandatory to file monthly returns if a trader does not choose to pay tax under the composition system?


What are the details that need to enter in the form GSTR -1 ?


. Under GST, will traders be required to declare their IEC at the time of imports and exports?


Can traders claim the credit for IGST paid at imports to discharge their GST domestic liabilities? How can you do this if yes?


Is there a way to pay GST taxes for small traders?


Which is the eligible category to opt for composition levy What are the Special Category States where the turnover limit for the Composition Levy purpose for CGST or SGST purposes shall be Rs. 50 lakhs


What is the tax rate under the Composition levy ?


Who are the traders not eligible for the composition scheme?


What tax will a trader be required to pay?


If a person avails a composition scheme in a financial year, the turnover is Rs.75 Lakhs/Rs. 50 Lakhs in the course of the financial year, i.e. He crosses Rs.75 Lakhs/Rs. 50 Lakhs in December will he eligible tax under the composition scheme for the year?


How is the aggregate turnover calculated for composition purposes?


Is it possible for a person who has chosen to pay tax under the composition system to receive Input Tax Credit on his inward supplies?


A registered person who buys goods from a trader subject to the composition scheme can claim credit for purchases made by dealer ?


Is it required that monthly returns be filed by the person who chooses to pay tax under the composition plan?


What are the essential details enter in the form GSTR-4?


The composition scheme allows a person to opt for tax payment from unregistered persons. Is the composition dealer required to pay reverse tax? If yes, how?


What is the format in which a taxable person must give an indication for the option to pay tax under the composition scheme?