Q. 430 Please clarify at which RATE A HAS TO RAISE Suppose purchased Rs 500per unit if A RAISE FOR THE SAME PRICE IS THIS OK OR ANY NOTIONAL PROFIT TO BE ADDED ?

Ans. You can raise the invoice either on the same value or some profit can be added. 1. “A” being a third party, is supposed to raise invoice either on the same value or with profits to the recipient of goods “B”. 2. Supplier of the goods will raise invoice on A. 

Q. 429 OUTPUT OF 2017-18 SHOWN IN SEP 2018 AS WELL AS INPUT OF 2017-18 SHOWN IN SEP 2018 BUT DEPARTMENT ISSUE NOTICE FOR INTEREST ON OUT-PUT LIABILITY SHOWN IN SEP 2018 BUT DID NOT CONSIDERD INPUT WHICH SHOWN IN SEP 2018 INTEREST SHOULD BE ON OPTPUT-INPUT ?

Ans. Section 50 of the CGST Act deals with interest on delayed payment of tax, it describes that every person who is liable to pay tax in accordance with the provisions of this Act but fails to pay the tax to the Government within the period prescribed, shall for the period for which the tax remains unpaid, pay, on his own, interest at such rate, not exceeding 18%. Interest is levied at the rate of 24% on inward supply if the taxpayer makes undue or excess claim of input tax credit. In the above case, interest is levied on delayed payment of tax on outward supply at the rate of 18%.

Q. 428 My client is exporter. He exports on LUT without payment of tax. At the time of preparing eway bill for export consignment there is only two option tax invoice and bill of supply which should he select ?

Ans. As per Section 31(3)(c), a registered person supplying exempted goods or services or both or a registered person paying tax under section 10 (composition levy), shall issue a bill of supply instead of a tax invoice. In the above case, you are required to select a tax invoice in case your client is not supplying exempted goods or services.