GST Concept Guide - Beginners Part 5
🎬 41. Inward Supply Q: What is an Inward Supply in GST? A: It means any purchase or receipt of goods or services — whether with or without payment. Q: Is it always a purchase? A: Not necessarily — it includes free supplies too. Q: Why does it matter? A: Inward supplies help calculate ITC and must be reported in GSTR-2A/2B. 🎬 42. Outward Supply Q: What is an Outward Supply? A: It’s any sale or supply of goods or services made by a registered person. Q: Does it include free supplies? A: Yes, if they’re to related parties or under Schedule I — even without payment. Q: Where is it reported? A: In GSTR-1 and GSTR-3B — and it triggers tax liability. 🎬 43. Nil Rated Supply Q: What is a Nil Rated Supply? A: It means a taxable supply where the GST rate is 0%. Q: Is it exempt? A: It's different — nil rated is taxable but at 0%, while exempt is not taxable at all. Q: Examples? A: Fresh fruits, vegetables, and milk. 🎬 44. Non-GST Supply Q: What is a Non-GST Supply? A: It refers to goods or services that are completely outside the scope of GST. Q: Like what? A: Alcohol for human consumption, petroleum products, and electricity. Q: Are they in returns? A: Yes, they appear in GSTR-3B as non-GST outward supplies. 🎬 45. Transitional Credit Q: What is Transitional Credit? A: It’s the credit you could carry forward from old tax regimes (like VAT or Excise) into GST. Q: Is it still allowed? A: No — the deadline is long over. Q: Why was it important? A: It helped businesses migrate smoothly into GST with their old tax credits. 🎬 46. Provisional Assessment Q: What is Provisional Assessment? A: It allows a taxpayer to pay GST temporarily at an estimated value when the final amount is uncertain. Q: When can I request it? A: If value or tax rate is unclear — apply to the proper officer. Q: Final assessment? A: Must be done within 6 months — and differences must be paid or refunded. 🎬 47. GSTR-2A vs GSTR-2B Q: What's the difference between GSTR-2A and GSTR-2B? A: GSTR-2A is dynamic — it updates whenever your supplier files. GSTR-2B is static — it freezes monthly. Q: Which one do I use for ITC? A: GSTR-2B — it shows eligible ITC for the period. Q: Can I claim from 2A? A: Only if the invoice reflects in 2B for that month. 🎬 48. Self-Invoicing under GST Q: What is Self-Invoicing? A: When you buy from an unregistered supplier, you must generate an invoice yourself. Q: Why? A: Because reverse charge applies — and you’re liable to pay GST. Q: Any format? A: Use a normal tax invoice format with "self-invoiced" clearly mentioned. 🎬 49. GST on Advances Q: Is GST applicable on Advance Payments? A: Yes — for services, GST is payable on advances received. For goods, only if the invoice is issued. Q: What if I cancel the order? A: Issue a refund and adjust GST through a credit note. Q: Should I show it in GSTR-1? A: Yes, under the “Advance Received” section. 🎬 50. HSN Summary in GSTR-1 Q: What is the HSN Summary in GSTR-1? A: It’s a table showing item-wise turnover based on HSN codes. Q: Who must fill it? A: Businesses with turnover above ₹5 crore must report HSN + tax rates. Q: Any penalty if skipped? A: Yes — it’s a mandatory field for applicable taxpayers. The primary objective of this video is to educate viewers and keep them informed about the evolving tax laws. It aims not just to present information, but also to facilitate comprehension and promote ongoing learning in the realm of taxation. *Disclaimer:* The content of this video is intended solely for educational purposes. Any decisions regarding taxes should be made only after consulting with a qualified legal or professional advisor to ensure compliance and understanding of individual circumstances. Visit Website www.Taxestoolbox.in
