Table of Contents
- 1 Can we sell product without GST?
- 2 Where I can sell products without GST?
- 3 Can sale price be less than purchase price under GST?
- 4 Which products are excluded from GST?
- 5 On what basis is GST charged?
- 6 How is discount treated in GST?
- 7 What is the reason for claiming GST on a supply?
- 8 Are non-profit organisations entitled to concessions under GST?
- 9 Do I claim ITC if the sale price is lower than purchase?
Can we sell product without GST?
You can sell online without GST only if you sell goods which are exempted. If you sell goods on which GST is applicable, then you has to get GST number to be able to sell online. You has to take GSTIN even if turnover is less than Rs. 20 lakh.
Where I can sell products without GST?
Which products can sell online without the GST number?
- Ebay. Ebay is the only online giant which ropes many sellers on board without any registration you can start selling by simply creating an account on Ebay and PaisaPay (eBay’s payment service) account.
- Infibeam.
- CraftsVilla.
- Fleaffair.
- Kraftly.
Can sale price be less than purchase price under GST?
However, if the selling price is less than purchase price, that negative value will be ignored. Persons who purchase second hand goods after payment of tax to supplier of such goods will be governed by this valuation rule only when they do not avail input tax credit on such input supply.
Do I have to pay GST on profit?
TURNOVER BASIS You must collect and pay GST when your turnover in a financial year exceeds Rs. 20 lakhs. [Limit is Rs 10 lakhs for some special category states]. These limits apply for payment of GST.
What are the products exempted from GST?
Exempted goods under GST Non-GST goods include fish, egg, fresh milk, etc. Grapes, melons, ginger, garlic, unroasted coffee beans, green tea leaves that are not processed, and more. Food items that are not put into branded containers like rice, hulled cereal grains, wheat, corn, etc. Components like human blood.
Which products are excluded from GST?
GST exemptions for goods
| Types of goods | Examples |
|---|---|
| Meat | Fresh and frozen meat of sheep, cows, goats, pigs, horses, etc. |
| Fish | Fresh or frozen fish |
| Natural products | Honey, fresh and pasteurized milk, cheese, eggs, etc. |
| Live trees and plants | Bulbs, roots, flowers, foliage, etc. |
On what basis is GST charged?
In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.
How is discount treated in GST?
Discounts given after supply will be allowed only if
- It is mentioned in the agreement entered into before sale AND.
- input tax credit proportionate to the discount has been reversed by the recipient of the supply AND.
- It can be clearly tracked to relevant tax invoice.
What is not exempted under GST?
Goods like petrol, alcohol, etc that for human consumption and non-taxable do not attract GST for supply under the GST Act. The supply of goods to the SEZ that is Special Economic Zone or SEZ developer comes under GST exemption list. These goods include fresh vegetables, fresh milks, and so on.
Do I have to pay GST if I sell goods in Australia?
If you are registered for GST – or required to be – the goods and services you sell in Australia are generally taxable unless they are ‘GST-free’ or ‘input taxed’.
What is the reason for claiming GST on a supply?
Income Tax won’t ask you the reason for claiming GST on a supply, but they can ask for the reason for supply at value lower than that of purchase. In India GST rate is divided in 4 parts I.e. 5\%, 12\%, 18\% and 28\%. These rates are levied on different items as prescribed under GST law.
Are non-profit organisations entitled to concessions under GST?
Non-profit organisations may be entitled to concessions on some transactions. If you are registered for GST – or required to be – the goods and services you sell in Australia are generally taxable unless they are ‘GST-free’ or ‘input taxed’.
Do I claim ITC if the sale price is lower than purchase?
So you will claim ITC nevertheless of what the sale price is. However, if you’re under GST audit or scrutiny, you’ll have to provide valid reasons for such a supply. Income Tax won’t ask you the reason for claiming GST on a supply, but they can ask for the reason for supply at value lower than that of purchase.