15 August 2017
My Client : Have 1 Business and Do Share Trading too. Will the Share Trading Turnover be also taken for Counting the Limit of Rs.20 Lakhs for Getting GST Registration.? Because: I read, Turnover of All the Business (Gst or Non GST) will be taken for 20 Lakhs Limit. If Yes, then Will The Share Trading Details (Purchase and Sales) will also be given in Monthly Returns.?
Note: Shares are Securities and Not Goods hence, GST Not Applicable. But Income Tax Act takes Share Trading Turnover for 44AB Purpose. REPLY ASAP.
What if On Voluntary Basis, My Client gets Registration and then files Monthly Return, In those returns whether he has to give the details of such SHARE TRADING too. As there can be seen in GSTR3B : NON GST Supplies are also asked to enter. ??
15 August 2017
1 Shares are Securities are not Goods hence, GST Not Applicable. Share turnover will not count for GST registration. Share trading details need not be given in GSTR 3 b. 2 Petrol outside the purview of GST hence no need of GST registration.
15 August 2017
Thank you... If we are consumer for Petrol, Diesel, Electricity and etc.. These are NON GST items. If we ll enter the mothly petrol expenses in GSTR 3B... column No:
3.1 (d) Inward supplies (liable to reverse charge) and Column No: 5. Non GST supply...?
15 August 2017
Non GST turnover may include petrol and diesel on which VAT is continued. Share trading and power trading may not be part of non GST items.
16 August 2017
Thank You Seetharaman Sir. I understood that Registration is not Necessary. And if Client goes for Voluntary Registration, I will not fill the Share Trading details in Any Return be it GSTR3B or GSTR1 or GSTR2 or GSTR3 or others.
16 August 2017
Sir, Another Client of Mine, Do the Business of MILK - Collecting them from local vendors and then treating it and seperating it FAT wise and then Supplying to Milk Center or Dairy in Tankers.
MILK is TAX FREE or EXEMPT or NON GST???
Should he take Registration??? And what if he takes voluntary registration ??
16 August 2017
Thank You Raja P M Sir. Also Seetharaman Sir, Can U Explain the Difference between TAX FREE, NIL RATED, EXEMPT & NOT TAXABLE.
Because, as per my info, If Goods are Nil Rated then Registration & Return filing is Compulsory and id they are Exempt then Registration is not Required.
16 August 2017
There is a Goods Rate Booklet available on CBEC website . . in it U can see the list of Nil Rate, 0.25%, 5% etc. So Sir, U Mean all those NIL Rated Goods Mentioned there are EXEMPT??