Q.25 What is latest turnover limit for composite scheme ? 

Ans. It is below 50 lakhs in preceding FY for Service Providers

It is below 1.5 crore in preceding FY for others with some exception

Q.24 What are the consequences if ITC 04 (jobwork ) rules or provisions are not complied? 

Ans. As of now there is no late fees, penalty or consequential provision prescribed specifically under the GST law. However, in the absence of the same, a proper officer has the power to impose a penalty depending upon the nature of circumstance under section 127 of the  CGST Act, 2017. Further under section 125, general penalty of Rs 25,000 for CGST (i.e. Rs 50,000 for IGST) has been prescribed in cases where specific provisions have not been provided. Also, equivalent penalty shall be levied under SGST Act.

Furthermore, in a circumstance, where return of goods from the job worker has not been intimated through ITC-04, such transfer may be deemed to be supplied from the premises of Job Worker after expiry of 1yr/ 3yr, as the case may be and demand may arise on this account.

Q.23 I have purchase one Commercial property and it is still under construction. Now I want to sale the same property in same under construction position than whether I have to pay GST on sale of property? 

Ans. Based on the facts, you have purchase under construction property and in accordance with the provisions of GST, you might have paid GST on the consideration paid by you to the builder so far.

Now, you are not required to pay GST on resale of property since you have already paid GST on the consideration you have paid to the builder and in case if there is any payment pending as per the payment plan, the prospective buyer shall pay GST on that amount directly to the builder.