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10 Jan 2024
Blocking the generation of E-Way Bill without e-Invoice/IRN has been withdrawn.
05 Jan 2024
Reporting of 4/6 digit HSN in e-Waybill from 1st February 2024.
Goods and Services Tax (GST) is a tax levied on the supply of goods and services across India. It was introduced on July 1, 2017, to replace various indirect taxes levied by the Central and State government. As a small and medium business owner or a startup founder, it's important to be aware of the GST FAQs to handle your taxes effectively. In this article, we will discuss e-way bill rules, credit of KCC, and RWA charges under GST.
An e-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding Rs. 50,000. The e-way bill is generated from the GST portal and contains details of the goods being transported, the details of the supplier, recipient, and transporter, etc. The e-way bill rules are as follows:
An e-way bill is required to be generated when there is a movement of goods by road, rail, air, or ship, and the value of the consignment is more than Rs. 50,000. It's applicable for both intra-state and inter-state movement of goods.
The person who causes the movement of goods or the consignor or consignee, as the case may be, must generate the e-way bill. In case the transporter is not registered under GST, the responsibility of generating the e-way bill falls on the consignor or consignee.
The validity of an e-way bill depends on the distance to be traveled by the goods. For a distance of up to 100 km, the e-way bill is valid for one day, and for every additional 100 km or part thereof, it's valid for one additional day. The validity period is calculated from the date and time of generation of the e-way bill.
In case of non-compliance with the e-way bill rules, a penalty of Rs. 10,000 or the tax sought to be evaded, whichever is higher, can be levied.
Kisan Credit Card (KCC) is a scheme that provides credit support to farmers for the cultivation of crops, investment in agriculture, and other farming activities. The KCC scheme is supported by the government and is implemented through various financial institutions. Under GST, the credit of KCC is as follows:
Yes, the credit of KCC is available under GST. The amount of credit available depends on the use of the KCC. If the KCC is used for the purchase of goods, the credit is available. However, if it's used for the payment of services, the credit is not available.
The amount of credit available under GST for the KCC is the actual amount of tax paid on the purchase of goods. The amount of credit cannot exceed the actual amount of tax paid.
Residential Welfare Association (RWA) is a society formed by residents of a housing complex or an apartment with the aim of maintaining the common areas and facilities of the society. Under GST, the RWA charges are as follows:
Yes, RWA charges are taxable under GST if the annual turnover of the RWA is more than Rs. 20 lakhs. However, if the turnover is less than Rs. 20 lakhs, the RWA is exempt from GST.
The rate of GST applicable to RWA charges is 18%. However, if the RWA is providing certain services like security, housekeeping, etc., which are taxable at a lower rate, the rate of GST will be lower.
Yes, the RWA can claim input tax credit under GST if it's registered under GST. The input tax credit can be claimed on goods and services used for the maintenance and repair of the common areas and facilities of the RWA.
As a small and medium business owner or a startup founder, it's important to be aware of the GST FAQs to manage your taxes effectively. The e-way bill rules, credit of KCC, and RWA charges under GST are some of the important FAQs that you should be aware of. By understanding these FAQs, you can avoid penalties and manage your taxes efficiently.
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