I
have tried to reply all your questions, comment below your issues and join the
discussion and we will try to give response to those issues also.
Answer to your questions
Q.1 WHAT
IS GST RATE ON JOB WORK WHERE JOB WORK IS DONE ON GOODS OWNED BY OTHER PARTY?
(ASKED BY SAGAR)
Answer:-
GST Rate on
job work activities differs from 1.5% to 18% depending on type of Job work
activities.
a) Job work
on textile and textile products attracts 5% GST. (Dyeing, Printing of textile
fabrics etc)
b)
Tailoring or Alteration services covered under 18% GST.
c) Job work
relating to leather goods & footwear attracts 12% GST.
d) Job work
on jewellery & ornaments attracts 1.5% GST.
e) Job work
on imitation jewellery attracts 18% GST.
Therefore
rate generally depends on type of activities performed. Further in some cases
if principal is unregistered jobwork can charge 18% GST instead of 1.5% 5%,12%
etc
Q.2
EXPLAIN TYPES OF INCOME TAX RETURN? (ASKED BY ZUBAIR)
Answer:-
|
ITR FORM
|
TYPE OF ASSESSEE
|
TYPE OF INCOME
|
|
ITR-1
|
Individuals
|
Salary, Rent from One HP and Other
Income upto 50Lakhs
|
|
ITR-2
|
Individual or HUF
|
All incomes except Business or Profession
Income
|
|
ITR-3
|
Individual or HUF
|
All incomes except Presumptive
basis income
|
|
ITR-4
|
Individual or HUF or Partnership
firm other than LLP
|
Income on presumptive basis under
44AD,44ADA etc
|
|
ITR-5
|
LLP/AOP/BOI/LA/AJP/ Co-op
socities/ Co-op banks/ Partnership firms
|
All Incomes
|
|
ITR-6
|
Companies
|
All Incomes
|
|
ITR-7
|
Trust
|
All Incomes
|
Q.3 How
to learn Income tax from Basic to advance? (ASKED BY JITU)
Answer:-
I will suggest take the lectures from any CA
faculty along with notes, that too will be available on youtube for free, you
have to be patient and attentive for atleast 3hours everyday or so for next 3
months and be in touch with consultants and professionals. We also provide
short notes on various incometax topics in easy and crisp language, you can
message us also.
Q.4 IF I go with new regime of Income tax and
want to claim Insurance, PF and Loan etc, is it possible? (Asked by VIKAS)
Answer:-
You cannot avail
benefit of deductions under section 80C and other deductions under chapter VI-A
under new tax regime except
a) Standard
deduction allowed under new regime on House property as well as Salary
b) Interest
on housing loan of let out property
c) NPS
Contribution 80CCD (2)
Q.5 WHAT
IS SECTION 17(5) of GST Act? (Asked by Manshi)
Answer:-
Section 17(5)
talks about blocked credits, ITC of which is not available to taxpayer under
GST. (Mainly below ITC are covered)
a) ITC relating to Motor vehicles etc
b) Food & Beverages etc
c) Health and life insurance
d) Construction activities
e) Works Contract activities
f) ITC of Goods lost, free samples etc
There are
vide range of goods and services prescribed under section 17(5), ITC of these
activities is generally not available to taxpayer, however if taxpayer is in
same line of business then only he can claim input tax credit.
Q.6 HSN
Code mandatory Limit? (Asked by Bhuvanesh)
Answer:-
Below are limits
for quoting of HSN/SAC Code
|
Upto Rs.5 Crore
|
4 Digit HSN (Optional for B2C)
|
|
Above Rs.5 Crore
|
6 Digit HSN
|
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For Exporters
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8 Digit HSN
|
Q.7 Can
we cancel or modify E-way Bill or E-invoice within 24Hours? (Asked by FENIL)
Answer:- Yes you can cancel E-way bill or
e-invoice within 24Hours but modification is not allowed, however in e-waybill
transporter ID can be updated.
Q.8 Can
we claim Both ITC and depreciation for capital goods? (Asked by Sudarsan)
Answer:- Yes, you can claim both ITC and
depreciation on capital goods. However according to section 16 of CGST Act,2017
if ITC is claimed then depreciation on that ITC portion cannot be claimed and
if ITC is not claimed, then depreciation on that ITC portion can also be
claimed.
Q.9 Whether No. of GSTINs is
registered or not registered can be checked on einvoice portal by bulk? (Asked
by RAVI)
Answer:- Yes you can upload a excel file or
csv file and portal will give validations for GSTIN as whether they are active
or cancelled or not registered.
Q.10
Concept of GTA services under RCM? (Asked by Shiv Shankar)
Answer:-
GTA means goods
transport agenecy who issues a consignment note where they take responsibility
on their own to transport the goods. Therefore local taxis etc who does not
issues any consignment notes cannot be termed as GTA and RCM on local taxi
freight does not come under RCM.
GTA can
charge GST on forward charge basis and GST rate will be 12% GST
If GTA
doesnot charges GST on invoice, we have to pay GST under RCM at 5% GST even if
freight charges is Re.1/- (Earlier limit of no RCM on upto 750/- or upto 1500/-
has been removed)
Q.11 Things to keep in mind while
exporting goods. (Asked by Dishant)
Answer:-
a. You should have Valid Import Export
Certificate.
b. Proper Invoice with 8 digit hsn code
with mention whether with payment or without payment. (LUT/Bond is required in
case of without payment of IGST)
c. Get copies of shipping bills once
goods is exported or copies of Bank realization certificates which will be
helpful in getting GST refunds.
d. Payment should be received within
time given as per FEMA guidelines generally 6 months or 9 months, extension
application can be applied in case of delay.
e. Payment should be received in
convertible foreign exchange or Indian money (if allowed)
Q.12 Why
item rates are not showing in 2B after applicability of IMS System? (Asked by
SHIDDAT)
Answer:-
GSTR-2B is a
summary report, however you can access GSTR-2A which can give rate wise details
of a particular transaction.
Q.13 Difference
between Section 148 & 148A of Incometax Act. (Asked by Koushik)
Answer:- Basic difference is that under
section 148 a notice is issued for reassessment, however under 148A which is
added by finance act 2021, under this AO is required to make inquiry before
issuance of SCN u/s 148. Therefore 148A is beneficial for assessee that if
assessee received any inquiry u/s 148, he can respond accordingly and can avoid
invoking of section 148.
Q.14 What
is the treatment of remaining assets sold when ceases to exist? (Asked by Bharat)
Answer:-
If there is a situation where partial assets
are sold from block at a value more than value of block of assets then it will
become short term capital gain and further remaning assets will still be block
and will be valued at NIL.
Q.15 Sales
made through booking.com who collects commission and deducts TDS u/s 194O
whether rcm is required to be paid if billing address of booking.com is outside
india? (Asked by Alok)
Answer:-
Yes, if any
services are procured from any entity outside india, we have to pay RCM on that
services.
Q.16 How
to remember income tax act and gst act and amendments? (Asked by NIYU, DHAIYA
& a consultantancy firm)
Answer:-
You can keep
your updated divide the act into smaller parts, you can buy our short notes summarized
in 15-25 pages for each topic then later on read the act, you will get a good
remembrance and you can connect with law better. Further select your teacher on
youtube and other platform and give 1 or 2 listen them daily and do practice or
job in this field which will give you better practical knowledge.
