FAQ – 12

FAQ -12: My turnover during the period July 2017 to March 2018 is Rs 71.25 Lacs and basis of the Notification No 12/2017-Central Tax dated 28th June 2017, i have not shown HSN Codes on the Tax Invoice. In the Annual Return do i need to show the HSN Summary?

The said notification is only for the purpose of display on the tax invoice and not for the Returns, so you have to show the HSN Summary in the Annual Return, We need to wait and see if it is Mandatory or Optional when it is made available.

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Notification No 29/2017-Central Tax,dt. 05-09-2017

Notification # 29 of CGST issued for Extension of due dates for furnishing details/Returns for the months of July, 2017 and August, 2017. http://india-gst.in/wp-content/uploads/2017/09/notfctn-29-central-tax-english.pdf

GST Tip – 267

As per Notification No. 11/2017-Central Tax (Rate), “declared tariff” has to be considered for determining the tariff for accommodation in hotels, inns, guest houses, clubs, campsites. Declared Tariff includes charges for all amenities provided in the unit of accommodation (given on rent for stay) like furniture, air-conditioner, refrigerators or any other amenities, but without excluding any discount offered on the published charges for such unit.

GST Tip – 262

Notification No.5/2017-Central Tax (Rate) dated 28th June 2017 provides the list of items under various chapters where the refund of excess credit is not eligible in cases where the input tax is greater than the outward supplies. http://india-gst.in/wp-content/uploads/2017/06/Rate-5-2017.pdf

 

GST Tip – 261

Notification No. 13/2017 – Central Tax, states the rate of interest to be paid or received by the taxpayers under CGST. The interest rate in case of delayed payment is 28%, reversal of input tax credit in case of a mismatch, ITC availed before supplier uploads the invoice the interest rate is 24%, in case of delayed refund the interest rate is 6% and in case of refund under adjudication process it is 9%.

GST Tip – 258

As per Notification No.2/2017-Central Tax (Rate) exemption is available only if the products are not put up in “other than those put up in unit container and bearing a registered brand name”. This means that the products should not be pre-packed and have registered trademark on the packaging under Trademarks Act 1999.