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GST Knowledge

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GST Knowledge
Top 10 Key Clarifications issued by the GST Council::
1) There is no change in format of GSTIN and therefore provisional & final GSTIN would be same.
2) Input Credit of Swachh Bharat Cess cannot be forwarded.
3) Input Credit of Krishi Kalyan Cess cannot be forwarded.
4) Provisions of Zero rated supplies are not applicable to EOU.
5) Supplies to Jammu & Kashmir will be treated as Inter-State Supply and shall be liable to IGST.
6) GST shall be applicable on sale of Second Hand Goods.
7) New registration under GST will start shortly before the appointed date i.e. 1st July, 2017.
8) E-commerce Operator (Snapdeal, Flipkart etc.) not required to register in seller’s state.
9) There is no provision for area based exemption under GST.
10) Textiles GST Rates, including that for readymade garments, yet to be considered and recommended by the GST Council.

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