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Module - 4

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18 views3 pages

Module - 4

Uploaded by

sreelakshmir838
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GOODS AND SERVICES TAX

LECTURE NOTES – 4TH MODULE


VIRTUAL TEACHING

1. What do you mean by input tax credit ?


Ans : Input Tax Credit means at the time of paying tax on sale , you
can reduce the tax you have already paid on purchase .
2. What are the conditions to get entitlement of input tax credit under
GST?
ANS : 1) One must be a registered taxable person.
2) One can claim Input Tax Credit only if the goods and services received
is used for business purposes.
3) Input Tax Credit can be claimed on exports/zero-rated supplies and are
taxable.
4) Supporting documents – debit note, tax invoice, supplementary invoice,
are needed to claim the Input Tax Credit.
5) If there is an actual receipt of goods and services, an Input Tax Credit
can be claimed.
6) The Input Tax should be paid through Electronic Credit/Cash ledger.

3. What are the cases where the ITC is not available?

Ans: 1) ITC cannot be claimed for goods & services used for personal purposes.
2) If you have paid tax on goods and services under GST composition
scheme.
3) Such goods and service which have been used by employees for their
personal consumptions.
4) if depreciation has been charged on the cost of capital goods , then
they are not eligible for input tax credit .

4. What are the requirements to claim input tax under GST ?

Ans : 1) goods and service tax invoice – one of the important item for ITC
2) received the goods and service - the goods and service on which it is
claimed shall have to be received .
3) furnishing of gst returns

5. What do you mean by ISD ?


ANS : An input service distributor is a business which receives invoices for
service used by its branch . it distributes the tax paid , to such branches on a
proportional basis by issuing an ISD invoice . the branch can have different
GSTIN but must have the same PAN as that of ISD .

6. What are the essential condition for qualifying as an input service distributor ?

Ans :1) the input service distributor should be an office of the supplier
2) such supplier can be a supplier of goods or services or both
3) such office should issue a prescribed document for the purposes of
distributing credit of CGST , SGST , IGST , UTGST to a supplier of taxable goods
or service or both having same PAN as that of the said office .

7. What are the different types of invoices in GST ?

Ans : 1) gst invoice


2) bill of supply
3) debit notes and credit notes
4) supplementary invoices
5) vouchers

GST INVOICE : The gst law mandates that any registered person buying goods
or services from an unregistered person needs to issue a payment voucher as
wel as a tax invoice . the type of invoice to be issued depends upon the category
of registered person making the supply .
Content of invoice :
1) Name of the supplier
2) Address of the supplier
3) GSTIN of the supplier
4) Date of its issue
5) Name , address , GSTIN if registered of the recipient
6) HSN code of goods or SAC code of service
7) Description of goods or services
8) Rate of tax
9) Place of supply along with name of its state
10)Signature or digital signature of the supplier

BILL OF SUPPLY : A bill of supply is issued when GST is not applicable on a


transaction or when gst is not to be recovered from the customer .
Following persons should issue bill of supply :
1) Composition dealer
2) Exporters
3) Exempted goods supplier

Content of bill of supply


1) Name , address and GSTIN of the supplier
2) Date of its issue
3) Name , address and GSTIN if registered of the recipient
4) HSN code of goods or SAC code of service
5) Description of goods or services
6) Signature or digital signature of the supplier

DEBIT NOTES AND CREDIT NOTES : An invoice is raised whenever there is a


purchase or sale transaction with a consideration . – debit note
Credit note is issued when goods are returned by the recipient or when
supplier has charged excessive tax or when the goods supplied are inferior
quality.
Vouchers : a small printed piece of paper that entitles the holder to a
discount or that may be exchanged for goods or services . examples of
voucher are : coupon , token , ticket etc
3 types of vouchers are : receipt voucher , refund voucher , payment
voucher.
8. What do you mean by e - ledger ?
Ans : e -ledger is an electronic form of pass book for GST . This is like an
e-wallet. Any GST payment made in cash or through bank reflects in electronic
cash ledger where the taxpayer needs to make any payments such as tax,
interest, penalty etc. and he does not have enough credits in his E-Credit
ledger he will have to simply add money to the wallet and the money will be
utilised to make the payment.
9. What is TDS?
Ans: The deduction at source TDS is one of the ways to collect tax based on
certain percentages on the amount payable by the receiver on the goods /
service . the collected tax is a revenue for the government .
10. what do you by TAN ?
ANS : TAN stands for tax deduction account number . it is a 10 digit alpha
numeric number required to be obtained by all persons who are responsible
for deducting or collecting tax .

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