I seek few clarifications regarding GST -
1. A party had registered for GST only from August, and started collecting output GST on its sales from August. However, the stock pertains to July month, for which return cannot be filed neither with VAT (after June) nor with GST (as reg taken in August only). So will the concern have to pay the output without benefit of ITC or can it take July month ITC? Help on the same.
2. Another concern makes export of goods. It collects 5% IGST on output and has Input credit on the same The difference is being paid every month. How will the concern get refund? Please elaborate the procedure for refund where export is made without LUT/Bond.
3. Can we take ITC paid on Telephone, Internet, Insurance Premium etc. if all were incurred only for Company's purpose?
Any help regarding the above question will be deeply appreciated.
CAclubindia
