Can we take ITC on commission?

Yes, under gst regime one can claim the itc of the gst paid by him on all good and services which are used of intended to be used in the course it’s furtherance of his business. Section 16(1). it includes all goods used for administrative purpose also.

Which of the following shall not be included in value of supply?

Value of Supply = (Monetary Consideration + In-kind Consideration) – GST on Total Consideration Note: The value of supply includes cess, billable expenses, subsidies, penalties, and all taxes except GST (and any other charges that may or may not be included in the price of the goods and services supplied).

Can we claim GST on chit funds?

GST thread is not there in chit fund services and the chain will not be broken by granting exemption to chit fund services. The receipts from GST on chit funds is not a significant amount and therefore exempting chit fund services from the levy of GST will not have any major impact on the revenue to the government.”

Can we claim ITC on mobile recharge?

According to the GST ACT, an input tax credit is available on, anything that used for the furtherance of business. That means if you are buying the mobile phone for a business purpose then the input tax credit is allowable.

Is GST registration compulsory for commission agents?

Any person who falls under the definition of an agent is required to obtain GST registration. The threshold limit condition for registration does not apply to commission agents. So, a person is required to obtain compulsory registration once he falls under the definition of an agent as mentioned above.

Can a proprietor firm claim input tax on mobile phone purchased for personal use?

Yes. The mobile phones/ laptops would be covered under the definition of ‘inputs’ as they are used in the course/ furtherance of business and hence, the input tax paid on such goods will be available as input tax credit.