GST – Some Aspects
A Customer who buys goods from a taxable person who is under composition scheme – IS NOT ELIGIBLE FOR ITC.
• Interstate self supplies such as stock transfer will be TAXABLE.
However, Intra state self supplies are NOT TAXABLE.
• Business Assets put to a private or no – business use without consideration WILL BE TREATED AS SUPPLY.
• Job worker would be supplier of services, and required to obtain registration if his aggregate turnover exceeds the prescribed threshold.
• ITC of input goods used in supply eligible.
• No ITC of tax on petroleum products and liquor.
• Input going waste during manufacture eligible.
• ITC not available if no output GST is payable.
• Different treatment for capital goods.
• Goods used for personal consumption of employees not eligible.
• Definition same as per cenvat credit rule.
• ITC of CG as defined only to manufacturer.
• Office Equipment – ( NOT ELIGIBLE FOR ITC )
• Construction of office building and factory – ( NO ITC )
• ITC on motor vehicles only to dealers of motor vehicles or used in manufacturer or transporter or training institutes.
• Dep on GST portion should not be availed.
• Removal of capital goods – GST Payable.
• Services primarily for personal consumption of employees – NOT Eligible
• Services for construction of office building and factory – NOT Eligible