2. Levy of and Exemption from Tax

Q 1. Where is the power to levy GST derived from?

Q 2. What is the taxable event under GST?

Q 3. Is the reverse charge mechanism applicable only to services?

Q 4. What will be the implications in case of purchase of goods from unregistered dealers?

Q 5. In respect of exchange of goods, namely gold watch for restaurant services will the transaction be taxable as two different supplies or will it be taxable only in the hands of the main supplier?

Q 6. Whether supplies made without consideration will also come within the purview of Supply under GST?

Q 7. Who can notify a transaction to be supply of goods and/or services?

Q 8. Will a taxable person be eligible to opt for composition scheme only for one out of 3 business verticals?

Q 9. Can composition scheme be availed if the taxable person effects inter-State supplies?

Q 10. Can the taxable person under composition scheme claim input tax credit?

Q 11. Can the customer who buys from a taxable person who is under the composition scheme claim composition tax as input tax credit?

Q 12. Can composition tax be collected from customers?

Q 13. What is the threshold for opting to pay tax under the composition scheme?

Q 14. How to compute ‘aggregate turnover’ to determine eligibility for composition scheme?

Q 15. What are the penal consequences if a taxable person violates the condition and is not eligible for payment of tax under the Composition scheme?

Q 16. What is the minimum rate of tax prescribed for composition scheme?

Q 17. When exemption from whole of tax collected on goods and/or services has been granted unconditionally, can taxable person pay tax?

Q 18. What is remission of tax/duty?

Q 19. Whether remission is allowed under GST law?

Q 20. Whether remission is allowed for goods lost or destroyed before supply?

Q 21. Whether remission is allowed on goods lost or destroyed for all reasons?

Q 22. Does the model GST Law empower the competent government to exempt supplies from the levy of GST?

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