Q. 500 997112 shows as SAC code for deposit services please clarify that it for interest on loans and advances also ?

Ans. The SAC entry 997112 is as follows:- Services by way of- (a) extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services); (b) inter se sale and purchase of foreign currency amongst banks or authorised dealers of foreign exchange or amongst banks and such dealers. 

Q. 499 My client is builder. He is constructing 10 residential duplexes on his own land. He has not sold any of the duplex before complition. He is not liable to pay tax under RCM for services of transportation or advocate. he does not want to sale any of duplex before complition. He has not received any advance or deposite from any purchaser. Is it mandatory for him to apply for registration under GST ? Is criteria of 80% inward supply should be from registered dealer is applicable on him?

Ans. As per section 23, persons engaged exclusively in the business of supplying goods/ services/ both wholly exempt from tax are not liable to be registered. 

Q. 498 GST ANNUAL RETURN 9 IS APPLICABLE FOR TURNOVER MORE THAN 2 CRORES. IS IT COMPULSORY TO FILEE ANNUAL RETURN 9 FOR BRANCH IF BRANCH TURNOVER IS LESS THATN 2 CRORES OR NIL TURNOVER ?

Ans. Yes, you are required to file an annual return.