TMI Short Notes

TMI Short Notes on various issues

1001. Does ICDS apply to the applicability aspect of the TDS.

      ---

1002. How will ICDS apply to companies which adopted Ind-AS. (Indian accounting standards)

      ---

1003. Whether ICDS is applicable to Non-Residents whose income is liable to be taxed at a flat rate of tax like interest, royalty and fees for technical services u/s 115A.

      ---

1004. Whether the provisions of ICDS shall apply to Banks, Non-banking financial institutions, Insurance companies, Power sector, etc.

      ---

1005. Can ICDS would apply to other categories of taxpayers whose income is taxed under presumptive tax schemes (i.e. u/s 44AD, 44ADA, 44AE, 4BB, 44BBA, 44BBB) as there is no specific exclusion provided.

      ---

1006. Can a assessee opt to change his method of accounting from mercantile to cash basis.

      ---

1007. Can a assessee can follow different methods of accounting for different sources of income under the same head of income, or different heads of income.

      ---

1008. Can ICDS apply to a person following cash system of accounting and to the person whose books of account for the year are not required to be audited u/s 44AB.

      ---

1009. Switching from normal payment of tax composition scheme - Whether the assessee is liable to reverse Input Tax Credit (ITC) on inputs or capital goods held in stock? How to calculate reversal of ITC in such case?

      ---

1010. Switching from composition scheme to normal scheme of payment of tax - Whether the assessee is eligible to avail Input Tax Credit (ITC) on inputs or capital goods held in stock? How to determine the amount of ITC on capital goods to be availed?

      ---

1011. Can a registered person, who purchases goods from a composition manufacturer / trader (dealer / supplier) take input tax credit under GST?
      1 Comment

      ---

1012. In case of a person who is/was availing composition scheme u/s 10. What will be the due date of payment tax (GST) and submitting the return once he crosses the threshold limit of ₹ 75 Lakhs (or rs. 50 lakhs) as the case may be? Can he continue to pay tax and file the return on quarterly basis?
      1 Comment

      ---

1013. What is the due date of payment of Tax under GST? What is the due date for payment of tax (GST) and filing of return in case of person opting for composition scheme u/s 10?

      ---

1014. Whether a person who is opting for Composition u/s 10 of the GST, is required to pay GST at composite rate on Exempted Goods also?
      3 Comments

      ---

1015. A person who was making inter-state supplies during the previous year but not making inter-state supplies during the current year, can he avail the benefit of composition under GST?
      1 Comment

      ---

1016. How to determine Turnover limit for availing the benefit of composition scheme? Is it required to be determined each year on the basis of turnover of the previous year?

      ---

1017. What is the validity of composition levy? Whether intimation is required to be submitted each year for availing the benefit of composition scheme under GST?

      ---

1018. Can the option to pay tax under composition levy be exercised at any time of the year?

      ---

1019. Can a person paying tax under composition levy, withdraw voluntarily from the scheme? If so, how?

      ---

1020. Can an Importer of goods or services opt to pay tax under composition scheme under GST?
      2 Comments

      ---

1021. Can an exporter of goods opt to pay tax under composition scheme under GST?

      ---

1022. Can a person paying tax under composition scheme under GST make supplies of goods to SEZ?

      ---

1023. Whether a person having turnover much below ₹ 75 Lakhs (Rs. 50 lakhs as the case may be) as on 30-6-2017, and having stock of goods purchased against C form, F form etc. or import goods or inter-state purchases, is eligible for availing the benefit of Composition Scheme under GST?

      ---

1024. A person availing benefit of composition scheme under GST, want to be a casual dealer in another state. Can he avail the benefit of composition scheme in the capacity of casual dealer or non resident taxable person?

      ---

1025. Who are not eligible to opt for composition scheme? Whether certain manufacturers (like Ice cream, Pan masala, Tobacco etc.) are excluded from opting composition scheme? if Yes, who are they?

      ---

1026. A person availing composition scheme during a financial year crosses the turnover of ₹ 75 Lakhs (₹ 50 lakhs in hil areas) during the course of the year i.e. say he crosses the turnover of ₹ 75 Lakhs (₹ 50 lakhs in hil areas) in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March?

      ---

1027. Whether a person supplying goods through Electronic Commerce Operator, is eligible to opt composition scheme? Since the provisions of TDS u/s 51 and TCS u/s 52 have been deferred, would it make any difference?

      ---

1028. A registered person opting for composition scheme is not allowed to make any inter-State outward supplies of goods. Therefore, what would happen if someone from outside the state wants to purchase goods? Will it make any difference, if the person from outside the state is not a registered person?

      ---

1029. GST - Whether a Job worker is eligible to avail the benefit of Composition Scheme u/s 10? What happened where the nature of activity undertaken by the job worker is amounting to Manufacture? will he be denied the benefit of composition as service provider?
      2 Comments

      ---

1030. GST - Whether a Works contractor having turnover below ₹ 75 lacs is eligible to avail benefit of composition scheme? What happened in case of other service providers? Can a restaurant server provider (Dhaba wala) is allowed under this scheme.

      ---

1031. GST - Whether all the manufactures are eligible to avail the benefit of Composition Scheme? If no, what are the exception?

      ---

1032. Classification (HSN Code) for "Hand Trolley or Fork Lift"-Interpretation of Tariff (84.27 or 84.31)

      ---

1033. Classification (HSN Code) for "Pantoon with spuds"-Interpretation of Tariff (8905 or 8907)

      ---

1034. Classification (HSN Code) for "Rice and Spice"-Interpretation of Tariff ( 11.01 or 21.08)

      ---

1035. Classification (HSN Code) for "Soft Serve"-Interpretation of Tariff ( 21.05 or 04.04 or 2108.91)

      ---

1036. Classification (HSN Code) for "Povidone Iodine Cleansing Solution USP and Wokadine Surgical Scrub" -Interpretation of Tariff ( 3303 or 3402.90)

      ---

1037. Classification (HSN Code) for " Slagwool and Rockwool"-Interpretation of Tariff ( 6807.10 or 6803)

      ---

1038. Classification (HSN Code) for "Scrabble"-Interpretation of Tariff ( 9403 or 9504)

      ---

1039. Classification (HSN Code) for "Aluminium Castings"-Interpretation of Tariff ( 3003.31 or 33.06)

      ---

1040. Classification (HSN Code) for "Aluminium Castings"-Interpretation of Tariff (84.09 or 84.32)

      ---

1041. Classification (HSN Code) for Addition of Perfume in Hair Oil Product-Interpretation of Tariff ( 3305.10 or 3305.99)

      ---

1042. Classification (HSN Code) for "Chillers"-Interpretation of Tariff (84.18 or 84.19)

      ---

1043. Classification (HSN Code) for "Paving Blocks"-Interpretation of Tariff (6807.90 or 6807.20)

      ---

1044. Classification (HSN Code) for "Royan Grade Wood Pulp"-Interpretation of Tariff (48.18 or 56.01)

      ---

1045. Classification (HSN Code) for "Johnson's Prickly Heat Powder and Phipps Processed Talc are patent or proprietary medicines"-Interpretation of Tariff ( 30.03 or 33.04)

      ---

1046. Classification (HSN Code) for a product uses for "Therapeutic or Prophylactics"-Interpretation of Tarrif ( 3003.10 or 38.08)

      ---

1047. Classification (HSN Code) for "Dimethicone"-Interpretation of Tariff (3003.20 or 3910.00)

      ---

1048. Classification (HSN Code) for "Sloans Balm" and "Sloans Rub"-Interpretation of Tariff (3003.30 or 3003.10)

      ---

1049. Classification (HSN Code) for "Himtaj Oil"-Interpretation of Tariff (3303.30 or 3305.10)

      ---

1050. Classification (HSN Code) for "Lip Salve"-Interpretation of Tariff (33.03 or 33.04)

      ---

1 ....171819202122232425........ 26