MSME on Sectoral FAQs

Q1. What is GST?
Q2. On what supply is GST levied?
Q3. Will GST be levied on all goods or services or both?
Q4. How many types of GST will be levied on different kinds of supply of goods or services?
Q5. Whether a registered person will have to approach two authorities – Centre as well as State for various permissions, audit etc. under the Act?
Q6. What is destination based consumption tax?
Q7. Who will pay GST?
Q8. What is Input Tax Credit?
Q9. Is GST going to increase compliance burden on the trade?
Q10. What is the threshold for registration in GST?
Q11. Is an agriculturist liable to registration?
Q12. What is the most important precaution to be taken to avail the facility of threshold exemption?
Q13. I am engaged exclusively in the business of supplying goods or services which are exempt from GST. Am I liable for registration?
Q14. How do I make supply, if I have not applied for registration?
Q15. How can an application for fresh registration be made under GST? Within what time will registration be granted?
Q16. I was registered under VAT but not under Central Excise. Do I need to apply for new registration?
Q17. I have obtained provisional GSTIN (PID), can I use the same on the invoice to make supply without waiting for final GSTIN?
Q18. I am a SME selling printed books after printing and have a turnover of twenty-five lakhs rupees per annum. I print only Children’s picture, drawing or colouring books which are exempt from GST. Do I need to register?
Q19. If I register voluntarily though my turnover is less than Rs. 20 lakhs, am I required to pay tax on supplies made post registration?
Q20. How will taxpayer get the certificate of registration?
Q21. registration particulars once furnished be amended?
Q22. In which State will a person be registered?
Q23. Are all manufacturers necessarily required to be registered under GST?
Q24. Who is liable to issue a ‘tax invoice’ and how many copies are required to be issued?
Q25. details are to be contained in a ‘tax invoice’?
Q26. Is it necessary to issue invoices even if the value of transaction is very low?
Q27. When should a tax invoice be issued for goods?
Q28. In case of supply of exempt goods or when tax is paid under Composition Scheme, is the registered person required to issue a tax invoice? How a bill of supply is different from a tax invoice?
Q29. If goods are transported in semi-knocked down condition, when shall the complete invoice be issued?
Q30. Is there any scheme for payment of taxes under GST for small traders and manufacturers?
Q31. What is the eligibility criteria for opting for composition levy? Which are the Special Category States in which the turnover limit for Composition Levy for CGST and SGST purpose shall be Rs. 50 lakhs?
Q32. What is the form in which an intimation to pay tax under the composition scheme needs to be made by the taxable person?
Q33. What is the rate of tax under Composition levy for a manufacturer?
Q34. Are all manufacturers eligible for composition scheme?
Q35. When will a registered person have to pay tax?
Q36. A person availing composition scheme during a financial year crosses the turnover of Rs. 75 Lakhs / Rs. 50 Lakhs during the course of the year i.e. say, he crosses the turnover of Rs. 75 Lakhs/Rs. 50 Lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March?
Q37. For the purpose of availing composition how will aggregate turnover be computed for the purpose of composition?
Q38. Can a person who has opted to pay tax under the composition scheme avail Input Tax Credit on his inward supplies?
Q39. How is a manufacturer under the composition scheme required to bill his supply? Can a registered person, who purchases goods from a composition manufacturer take input tax credit?
Q40. How would a manufacturer under the composition scheme who receives inputs or input services from an unregistered person pay GST? What will be the tax rate if the purchase is from a person availing composition?
Q41. In case a person has registration in multiple States, can he opt for payment of tax under composition levy only in one State and not in other States?
Q42. What is the effective date of composition levy?
Q43. What is the validity of composition levy?
Q44. What are the other compliances which a provisionally registered person opting to pay tax under the composition levy need to make?
Q45. Can a person paying tax under composition levy, withdraw voluntarily from the scheme?
Q46. Will withdrawal intimation in any one place be applicable to all places of business?
Q47. Can a person paying tax under composition scheme make exports or supply goods to SEZ?
Q48. Can a manufacturer under composition scheme do job-work for other manufacturers?
Q49. How can tax payments be made by a registered person under the composition scheme?
Q50. Does a registered person under the composition scheme pay his taxes every month?
Q51. What are the accounts a manufacturer under the composition scheme needs to maintain?
Q52. Does a manufacturer under the composition scheme need to maintain details of accounts of every supply received and made?
Q53. Does a manufacturer under the composition scheme needs to maintain account of inputs tax credit?
Q54. Can a manufacturer under the composition scheme maintain his accounts manually? And can he issue his bill of supply manually?
Q55. Whether a registered person under the FAQ: MSME composition scheme needs to learn HSN code of any input purchases and output supplies?
Q56. What return a registered person under the composition scheme needs to file and at what frequency?
Q57. What details are required to be furnished in the return to be filed by the registered person under the composition scheme?