Goods And Services Tax

GST Q&A

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The Goods and Services Tax (GST) aims at unifying India's $2 trillion economy and 1.3 billion people into one of the world's biggest common markets. To help understand the complex nature of the new tax regime and its impact, our experts, Prakash Sinha, Aseem Chawla, Ashok Batra, Gaurav Garg, Rakesh Nanda and Preeti Khurana answer questions posted by our viewers. Email your questions at askaboutgst@ndtv.com

Question: Now that GST has rolled in, what is of critical importance to traders, shopkeepers, assuming that most of them have registered with the GST?
Question: Some small shopkeepers are still issuing hand written bills. How does it work?
Question: How can the company ensure that this is being done at a small level?
Question: There is no mention about the GST rate on imitation jewellery. Will it attract 18% GST rate?
Question: We have registered through the GST registration process, and got the GST number on a personal PAN card. Now, we want to change the PAN card number to the firm's PAN card, but we are unable to do so. Please suggest what to do?
Question: Will 10-20 percent be the average GST rate in the long run? 28% is a very high rate.
Question: I have purchased a flat from a builder who got completion and occupancy certificate. My first payment was made after the builder got both the certificates. I was not charged service tax and VAT. Will I be charged GST now?
Question: I have two questions related to the composition scheme. First, after getting the GST registration number, what do I need to do to avail the composition scheme? Second, as a composition, I am not allowed to make sales outside my state but can I make purchases from another state?
Question: If I am raising an invoice for a customer who is in Bangalore, what do I write on the invoice?
Question: I do aquarium business, and I supply fishes to different states. We also supply accessories with that. How will the GST affect us?
Question: I have two questions regarding the restaurant industry. I went to an AC restaurant, they charged me a GST of 18 percent and a service charge of 10%. Are the restaurants authorised to charge service charges or it is at their discretion? Secondly, is the GST applied on food delivery constant for all restaurants or there is a difference between AC and non-AC restaurant as well?
Question: If I am a dealer from Uttar Pradesh, can I purchase or sell inter-state? My turnover is Rs. 25 lakh?
Question: I am a distributor of products manufactured in Gujrat and sold in Andhra Pradesh. The products have 28% tax rate and I want to know how a distributor can claim input tax credit for interstate transactions?
Question: I just wanted to know that being a management consultant I have to pay service tax at the rate of 15%. My questions are related to this are: Do I need to pay service tax for this quarter right away and will be charged GST from next quarter? And if so, then what would be the rate of tax for management consultancy and service consultancy?
Question: I would like to know the impact of GST on cell phone and T.V prices. Will they go up or come down?
Question: I am a dealer in vegetables and fresh ginger, my turnover is more than Rs. 50 lakh per annum. I will be sending fresh ginger from Karnataka to Uttar Pradesh, Delhi and Andhra Pradesh. All fruits and vegetables which I am dealing with are exempt from GST. Do I have to register for GST and, if yes under what rule.
Question: I am a small seller having an arts hobby. I sell items that I make on online platforms like Craftsvilla, Craftsy etc. My turnover is not more than Rs 1,000 a month. I have been asked by a website to submit my GST registration number. I don?t have a company, I don't have a partnership firm, I'm just an artist selling whatever I make at home. Why are online sites asking for my GST registration number? What should I do now?
Question: Please let me know about the GST implications for a home buyer. At present, the buyer has to pay 4.5% service tax in addition to the stamp duty, during procession. While stamp duty will remain the same, how GST will impact a buyer buying an under-construction house.
Question: I have one property in the name of my wife and that has been leased to a company. And the total rent is something around Rs 50,000 per month. Do I need to pay GST on rental income?
Question: I'm an industrial trader in Tumakuru. My trading is limited within Rs. 75 lakh but I heard that I can go for the composition scheme. If I go the composition scheme, I will not get input credit. Please suggest what to do
Question: I wanted a clarification on what tax the race course has to pay on betting on race horses?
Question: I have booked a house with a base price Rs 33 lakhs. And earlier I had to pay 4.5% service tax. Now he says I have to pay 18% GST. I've not understood why it is so much higher. I also have a doubt whether I only have to pay the service part of that cost or it includes cost of the land as well as cost of the material and services. It is under construction and I have paid almost 85% and remaining about 15% is left. It is under construction, not yet completed, however the due date for construction is over.
Question: What is the effect of GST of the small car?
Question: I was hearing that we are unable to register before 30th so will it be good to register a house before a 30th or after the 30th. What would be the rate applicable after 30th and before 30th? If you could give me an idea? The house is ready for possession.
Question: My question is in four different parts. One thing is that ATM withdrawal, from ATM counter as well as a shop. Do we have to pay any GST for that? That's number one. Number two, whenever I sell my shares in the market. What is the GST rule applicable for that? In the mutual fund, whatever I send in the market back to the mutual fund. What is the GST? And in terms of financial advisors, do we have to pay GST?
Question: I wanted to know if I wanted buy a whole house then what will be the GST on that?
Question: How will GST affect my current stock of goods, whose value is above Rs 70 lakhs? I've already payed CST.
Question: How do I know if the price quoted to me by the retailer is the same as charged by the manufacturer on which IGST is paid?
Question: But how would an end customer know whether he/she has received the benefit of the GST?
Question: I am a telecom distributor and until now, the companies were paying my service tax and everything. What are the new guidelines for telecom distributors? Will we pay tax or the company?
Question: How would a particular consumption of goods and services be taxed simultaneously in central and state GST?
Question: Do I need to file returns every month? Can I raise an invoice with my GST registered number in Maharashtra if services are rendered outside the state?
Question: Till date, there was no tax on solar cooker, but today I was forced to charge 28% GST. That?s very surprising. My question is what is the rate on solar cookers?
Question: We were textile fabric dealers, which was tax-free until now. Now, it's tabled under GST. Will I get input tax credit?

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Impact Of GST On Indian Job Market

India has more than 8 million students graduating and entering the workforce every year but there aren't enough job opportunities created for them. With only 1.35 lakh jobs created in 2015 against 9 lakh in 2011, will the government live up to its promise of creating more jobs this year, as mentioned in the budget 2017? On this episode, we discuss about what's driving India's jobless growth and the impact of economic reforms on job creations across sectors.

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Opinion

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  • Opinion: In GST Row, Centre Throws Nationalism Argument At States

    Opinion: In GST Row, Centre Throws Nationalism Argument At StatesPraveen Chakravarty

    Monday August 31, 2020

    Rules by bureaucrats, legalese by lawyers and analysis by economists are cold, futile methods to resolve this crisis when the need of the distressed hour is a warm, empathetic hand of the political leadership.

  • Blogs: सरकार ने दी कॉरपोरेट टैक्‍स में राहत, क्‍या आम आदमी को होगा फायदा?

    Blogs: सरकार ने दी कॉरपोरेट टैक्‍स में राहत, क्‍या आम आदमी को होगा फायदा?Ravish Kumar

    Saturday September 21, 2019

    अगले शुक्रवार का इंतज़ार कीजिए क्या पता आम लोगों का भी टैक्स से राहत मिल जाए, या क्या पता पुरानी पेंशन व्यवस्था ही बहाल हो जाए. वित्त मंत्री जिस तरह शुक्रवार को अपना नया बजट पेश कर रही हैं, राहतों का एलान कर रही हैं, उसमें कुछ भी उम्मीद की जा सकती है. आखिर कारपोरेट ने कब सोचा होगा कि सरकार उसे एक दिन 1 लाख 45 हज़ार का घाटा उठाकर करों में छूट देगी. इस फैसले को ऐतिहासिक और साहसिक बताया गया है.

  • Blogs: अरुण जेटली को कैसे समझ आ गया एक GST रेट, क्या आप समझ पाए...?

    Blogs: अरुण जेटली को कैसे समझ आ गया एक GST रेट, क्या आप समझ पाए...?Ravish Kumar

    Thursday January 24, 2019

    4 अगस्त, 2016 को हमने एक लेख लिखा था. उस हफ्ते राज्यसभा में GST को लेकर बहस हुई थी. कांग्रेस और BJP के नेताओं की बहस को सुनते हुए मैंने लिखा था, "राज्यसभा में वित्तमंत्री अरुण जेटली और पूर्व वित्तमंत्री पी चिदंबरम की भाषा और देहभाषा ऐसी थी, जैसे दोनों एक चैप्टर पढ़कर आए हों और उसे अपना पर्चा बताने का प्रयास कर रहे हों...

  • Blogs: क्या आपको नौकरी मिल रही है?

    Blogs: क्या आपको नौकरी मिल रही है?Ravish Kumar

    Thursday December 20, 2018

    मुख्यमंत्री कमलनाथ के बयान के बहाने आपने देखा कि भारत के कई राज्यों में उद्योगों में 70 से 90 प्रतिशत स्थानीय लोगों को रोज़गार देने की नीति है. मगर हमारे पास यह देखने का आंकड़ा नहीं है कि इस नीति से स्थानीय लोगों को कितना रोजगार मिला और वह रोज़गार उस राज़्य के कुल बेरोज़गारों का कितना प्रतिशत था.

  • Blogs: 35 लाख लोगों की नौकरी गई और विज्ञापन पर ख़र्च हुआ 5000 करोड़

    Blogs: 35 लाख लोगों की नौकरी गई और विज्ञापन पर ख़र्च हुआ 5000 करोड़Ravish Kumar

    Thursday December 20, 2018

    उन 35 लाख लोगों को प्रधानमंत्री सपने में आते होंगे, जिनके एक सनक भरे फैसले के कारण नौकरियां चली गईं. नोटबंदी से दर-बदर हुए इन लोगों तक सपनों की सप्लाई कम न हो इसलिए विज्ञापनों में हज़ारों करोड़ फूंके जा रहे हैं.

  • Opinion: GST Starts Paying Off But Poll Season Tweaks May Hurt Revenue

    Opinion: GST Starts Paying Off But Poll Season Tweaks May Hurt RevenueAnirban Nag and Vrishti Beniwal, Bloomberg

    Tuesday July 03, 2018

    The government has already widened its deficit goal for the current fiscal year to 3.3 percent of gross domestic product from 3 percent, putting pressure on bond yields.

  • Opinion: Yawning Deficits to World-Beating Growth In PM Modi's 4 Years

    Opinion: Yawning Deficits to World-Beating Growth In PM Modi's 4 YearsVrishti Beniwal, Bloomberg

    Friday May 25, 2018

    Prime Minister Narendra Modi completes four years in office on May 26. He's used the time to give India its biggest tax reform, overhauled a century-old bankruptcy law, revived stalled projects and got the World Bank to say Asia's No. 3 economy is a much better place to do business.

  • Blogs: GST और भारतीय बैंकों के सामने बड़ा संकट

    Blogs: GST और भारतीय बैंकों के सामने बड़ा संकटRavish Kumar

    Tuesday May 08, 2018

    सरकारी बैंकों के सामने एक नई चुनौती आ खड़ी हुई है. जीएसटी के महानिदेशालय ने बैंकों को नोटिस जारी कर पूछा है कि पिछले पांच साल के दौरान सर्विस टैक्स न देने के कारण क्यों न उन पर दंड और ब्याज़ लगाए जाएं? मिंट अख़बार के सलाहकार संपादक तमल बंधोपाध्याय ने लिखा है कि एक अनुमान के मुताबिक यह राशि 45,000 करोड़ के आस पास बैठती है. अगर इस पर दंड और जुर्माना लगा तो यह 13.5 खरब हो जाएगी. बैंक इतना पैसा कहां से लाएंगे.

  • Opinion: Government Should Reduce Capital Gains Tax Window

    Opinion: Government Should Reduce Capital Gains Tax WindowParth Mehta

    Wednesday January 31, 2018

    Another important point is stamp duty regularisation which varies across states from 3% to 6% along with GST in a state like Maharashtra makes the tax liability of an end user very high to the tune of 12% plus 5% i.e. 17% vis a vis pre GST tax liability of 10.5%.

  • Opinion: Government Must Cap GST Rates For Skill Training Services

    Opinion: Government Must Cap GST Rates For Skill Training ServicesNarendra Shyamsukha

    Tuesday January 30, 2018

    Concessions/exemptions and increased allocation for telecom, IT and power sector manufacturing are looked forward to in the coming Budget.

  • Opinion: GST Rates On Construction Materials Should Be Normalised

    Opinion: GST Rates On Construction Materials Should Be NormalisedAditya Kedia

    Friday January 26, 2018

    Every positive step implemented by the government will facilitate in escalating realty sales thus giving an impetus to the under-construction projects.

  • Opinion: Government Should Reduce GST On Property Sales To 6% From 12%

    Opinion: Government Should Reduce GST On Property Sales To 6% From 12%Neetish Sarda

    Wednesday January 24, 2018

    The real estate industry is pinning its hopes on Finance Minister Arun Jaitley to rationalize the GST rate applicable to it.

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