Q. RCM ON RENT APPLICABLE OR NOT
IF YES FROM WHAT DATE OR PROVIDE ITS NOTIFICATION
Ans.
As per Notification no. 05/2022- Central Tax (Rate) dated 13th July 2022, Sr. No. 5AA of the said notification is reproduced hereunder Services by way of renting of a residential dwelling to the registered person. Service provider is any person and service recipient is registered person than rcm is applicable. And tax rate is 18%
Q. Kindly clear that what will be GST on sale of commercial vehicle, is there any change if such sale made after use of 5 years. The dealer has taken ITC on purchase of such vehicles.
Ans.
If sale is after 5 years of purchase of vehicle, tax shall be levied at book value.
Q. IS THERE ANY PENALTY FOR LATE FILING OF FORM 9C WHERE ANNUAL RETURN FORM 9 HAS BEEN FILED WITH LATE FEES.
Ans.
As per GST Act there is no penalty prescribed for delay filing of GSTR-9C.
Q. I have raised credit not against sale under igst head month of march2019. There is no sale igst till September 2020. So igst tax claiming ruling against this transaction
Ans.
If there is no IGST sale in the month of credit note raised, you can book the same in ITC column.
Q. PROCEDURE OF REINSTATING OF SUO MOTO CANCELATION OF GST REGISTRATION
Ans.
The option left out is filing of revocation of application of gst registartion under section 30 of the CGST Act.
Q. IS RCM APPLICABLE ON SECURITY SERVICES RECVD
Ans.
As per notification no 29/2018 CGST-Rate dated 31/12/2018, entry number 14 has been inserted stating that if any supplier of the security service is Any person other than a body corporate, than the recipient needs to pay RCM.
Q. Sir,
I have purchased a Truck for 2625000.00 claimed the ITC for Rs. 735000.00. The Truck has been sold after 34 months for Rs. 1200000( Incl. GST ) i.e Taxable Value 937500.00+262500 GST and Reversal of ITC is Rs. 318500.00 for remaining 26 months . As per Section 18 Higher out of both is payable i,e 318500.00 then in this situation what will be the presentation in GSTR 3B and GSTR 1
Ans.
Sir as per our view, the tax invoice shall be raised for the sale value and gst. The balance amount of itc which needs to be reversed after subtracting the tax paid on sale needs to be shown in itc reversal others
