In terms of section 22(1) read with Section 25(1) such persons need to obtain a
separate registration in every such States.
(ICAI FAQ PUBLICATIONS 06-09-2017 REGISTRATION: FAQ NO. 45)
Will compliance of the provisions of Section 17(2) regarding restriction of credits relatable to exempt supplies be mandatory to a Banking Company/ Financial Institution engaged in accepting deposits or extending loans or?
No, a Banking Company/ Financial Institution engaged in supplying services by way of accepting deposits, extending loans or advances has the following options:
Comply with the provisions of Section 17(2) regarding restriction of credits
relatable to exempt supplies in the manner prescribed; or
Avail 50% of the eligible input tax credit every month on inputs, capital goods and input services and the remaining 50% shall not be available.
The option exercised cannot be withdrawn in the same year. The restriction of 50% will not apply to the tax paid on supplies made by one registered person to another registered person having the same PAN.
(ICAI FAQ PUBLICATION 06-09-2017 -: Apportionment of credit and blocked credits: FAQ NO.13)
Can a person who is not required to be registered under GST Act but registered under the earlier law, cancel the provisional registration
Yes, but the time limit is not mentioned for applying for cancellation of provisional registration.
(ICAI FAQ PUBLICATIONS 06-09-2017 REGISTRATION: FAQ NO. 44)
Can cancellation of registration be revoked
When a registration of a taxable person is cancelled by a proper officer on his own motion, then such person shall apply for revocation of such cancellation to such proper officer within 30 days from the date of service of cancellation order. No revocation is possible for cancellation on account of non-filing of returns unless such returns are filed and the tax thereon is paid along with applicable interest, penalty and late fee. If the proper officer is satisfied that sufficient ground for revocation of cancellation are there then such officer may revoke the cancellation of the registration by an order within 30 days from the receipt of such application of revocation. The proper officer may call for further details and clarification within such period as prescribed upon filing the application. The proper cannot reject the application for revocation without giving the person a reasonable opportunity of being heard.
(ICAI FAQ PUBLICATIONS 06-09-2017 REGISTRATION: FAQ NO. 43)
When will a non-resident become liable for registration
A non-resident taxable person shall become liable for registration when he makes any taxable supply as per Section 24(v).
(ICAI FAQ PUBLICATIONS 06-09-2017 REGISTRATION: FAQ NO. 42)
Can any one of the business verticals, which are required to be registered under the Act, of a taxable person take registration as a person paying tax u/s 10
No. If any one business vertical of a taxable person becomes ineligible for paying tax u/s 10, then all other business verticals of the said taxable person shall become ineligible for paying tax u/s 10.
(ICAI FAQ PUBLICATIONS 06-09-2017 REGISTRATION: FAQ NO. 41)
When the registration granted under Section 25(3) can be cancelled
The proper officer may cancel such registration if the person who has voluntarily registered doesn’t commence the business within 6 months for the date of registration. The registered person himself may apply for cancellation of registration only after the expiry of 1 year from the effective date of registration.
(ICAI FAQ PUBLICATION 06-09-2017 REGISTRATION: FAQ NO. 40)
Can the registration certificate be downloaded from the GSTN portal
Yes, registration certificate shall be granted in Form GST REG 06 and the same shall be available on the common portal.
(ICAI FAQ PUBLICATIONS 06-09-2017 REGISTRATION: FAQ NO. 39)
Credit attributable to exempt supplies is not available to a registered person. What are the supplies that are included in exempt supplies?
‘Exempt Supplies’ for this purposes means all supplies other than taxable and zero rated supplies and specifically include the following:
Supplies liable to tax under reverse charge mechanism;
Transactions in securities;
Sale of land;
Sale of building
(ICAI FAQ PUBLICATION 06-09-2017 -: Apportionment of credit and blocked credits: FAQ NO.12)
What is the time limit within which the application for registration be approved
The application for registration (FORM GST REG-01) shall be submitted online and shall be approved within 3 working days by the proper officer. If the proper officer finds that the application filed under the Act is deficient, then he may call for further clarification on the information or documents through a notice (in FORM GST-03) within 3 working days from the date of submission of application for registration. The applicant shall provide such additional information within 7 working days (in FORM GST -04), the proper officer shall approve the grant of registration within 7 working days of receiving such Form GST REG 04 giving certificate of registration (in FORM GST REG -06). If the proper officer doesn’t take any action within 3 days of receipt of application in GST REG or 7 days from receipt of form GST REG 04, then it shall deemed that the application of registration is approved.
(ICAI FAQ PUBLICATIONS 06-09-2017 REGISTRATION: FAQ NO. 38)