What will happen to sellers and workers if buyers donot buy their goods or use their services?
Answers
Answer:
THEIR SHOP WILL BE FLOPPED AND SOON CLOSED
Answer:
Explanation:
Now that Goods and Services Tax (GST) has come into force, business people have made a beeline for chartered accountants due to the complex nature of the new tax regime. Often, even the CAs cannot answer a query immediately.
A month ago, Central Board of Excise and Customs (CBEC) started a new Twitter handle (@askGST_GoI) to answer industry queries related to GST. A few days ago, CBEC scrutinized all the tweets received on the new handle and developed them into 100 FAQs (frequently asked questions).
These questions cover various aspects of GST such as registration, refund, supply, cess, input tax credit, composition scheme, transition, invoice, exports and state GST.
However, CBEC cautions that the tweets received or the replies quoted in these FAQs are only for educational and guidance purposes and do not hold any legal validity.
1. Does aggregate turnover include value of inward supplies received on which RCM is payable?
Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis.
2. What if the dealer migrated with wrong PAN as the status of firm was changed from proprietorship to partnership?
New registration would be required as partnership firm would have new PAN.
3. A taxable person’s business is in many states. All supplies are below Rs 10 lakh. He makes an Inter State supply from one state. Is he liable for registration?
He is liable to register if the aggregate turnover (all India) is more than 20 lacs or if he is engaged in inter-State supplies.
4. Can we use provisional GSTIN or do we get new GSTIN? Can we start using provisional GSTIN till new one is issued? Provisional GSTIN (PID) should be converted into final GSTIN within 90 days.