Feroze Azeez, deputy chief executive officer of Anand Rathi Private Wealth Management, appeared on Rediff Chat to answer readers' queries on GST.
Illustration: Uttam Ghosh/Rediff.com.
Shreesha Ranganath
Q: My doubt is threshold limit was 10L under Service Tax applicability for professionals. Under GST the limit is automatically goes up to 20L. Am I correct?
Q: My doubt is threshold limit was 10L under Service Tax applicability for professionals. Under GST the limit is automatically goes up to 20L. Am I correct?
Feroze Aziz
Ans: Yes. The exemption limit is Rs. 20, Lakhs under GST.
Ans: Yes. The exemption limit is Rs. 20, Lakhs under GST.
Hitesh Jain
Q:Sir can we charge GST on advance from customer???
Q:Sir can we charge GST on advance from customer???
Feroze Aziz
Ans: You would pay GST on accrued income or invoice raised and cash received whichever is earlier. So in your case, you will pay GST when you receive the advance as that is earlier.
Ans: You would pay GST on accrued income or invoice raised and cash received whichever is earlier. So in your case, you will pay GST when you receive the advance as that is earlier.
Raazia Galaria
Q: If my turnover is less than 20 lakhs but I buy goods and sell Do I need to take GST registration?
Q: If my turnover is less than 20 lakhs but I buy goods and sell Do I need to take GST registration?
Feroze Aziz
Ans: You do not need GST registration if your turnover is less than Rs. 20 Lakhs
Ans: You do not need GST registration if your turnover is less than Rs. 20 Lakhs
Sivakishore Madhamsetty
Q: Is their any specific format of invoice numbering? Is their any procedure for invoice rising for reversing mechanism?
Q: Is their any specific format of invoice numbering? Is their any procedure for invoice rising for reversing mechanism?
Feroze Aziz
Ans: There is no specific format for invoice numbering but you will have to ensure that the invoice is sequentially raised so that GST can be tracked across the chain.
Ans: There is no specific format for invoice numbering but you will have to ensure that the invoice is sequentially raised so that GST can be tracked across the chain.
Manoj Bhardwaj
Q: hii am travel agent deals in flight and rail tickets, do I need to register at GST.
Q: hii am travel agent deals in flight and rail tickets, do I need to register at GST.
Feroze Aziz
Ans: Yes. If your turnover is more than 20 Lakhs, then you need to register for GST.
Ans: Yes. If your turnover is more than 20 Lakhs, then you need to register for GST.
Nitin Shah
Q: Sir, We are manufacturer of Cloth bags & nonwoven bags . What will be the GST % for the above bags. if we want to supply out of Maharashtra to non registered dealer what GST to charge and what we have to write in tax invoice.
Q: Sir, We are manufacturer of Cloth bags & nonwoven bags . What will be the GST % for the above bags. if we want to supply out of Maharashtra to non registered dealer what GST to charge and what we have to write in tax invoice.
Feroze Aziz
Ans: The bags would be taxed at the rate of 5%. In case you supply it to a non registered dealer, the liability to pay GST would be on you. In case the dealer is based out of Maharashtra, then you should preferably register yourself under IGST.
Ans: The bags would be taxed at the rate of 5%. In case you supply it to a non registered dealer, the liability to pay GST would be on you. In case the dealer is based out of Maharashtra, then you should preferably register yourself under IGST.
Sai Chavan
Q: Is non ac hotels also charge GST on food items?
Q: Is non ac hotels also charge GST on food items?
Feroze Aziz
Ans: Yes, if they opted composition scheme 5%, otherwise 12%
Ans: Yes, if they opted composition scheme 5%, otherwise 12%
Sudeep Pagedar
Q: Hi Feroze. I am a Mutual Fund investor...could you please tell me how GST will impact and affect me?
Q: Hi Feroze. I am a Mutual Fund investor...could you please tell me how GST will impact and affect me?
Feroze Aziz
Ans: The GST on the fund management fees component of the expense ratio of a Mutual Fund scheme will go up from 15% to 18%. This could have a negligible impact of 0.05% -0.06% on fund returns.
Ans: The GST on the fund management fees component of the expense ratio of a Mutual Fund scheme will go up from 15% to 18%. This could have a negligible impact of 0.05% -0.06% on fund returns.
Sudeep Pagedar
Q: Also if you can, please let me know about how different insurance premiums...Eg. Car, health, life, etc. will be affected by GST?
Q: Also if you can, please let me know about how different insurance premiums...Eg. Car, health, life, etc. will be affected by GST?
Feroze Aziz
Ans: The insurance premium on car, health, etc would go up from 15% to 18%. On Life insurance premium, the rates would differ for different type of insurance policies ULIP, term, endowment, etc.
Ans: The insurance premium on car, health, etc would go up from 15% to 18%. On Life insurance premium, the rates would differ for different type of insurance policies ULIP, term, endowment, etc.
