Quick Answer: What Is KFC In GST?

What is KFC tax?

The Kerala Flood Cess or KFC is levied on intra-state supplies made by taxable person (Regular Dealers) to consumers and unregistered dealers.

Kerala Flood Cess gets calculated on GST taxable value, however the rate on which Kerala Flood Cess is calculated based on SGST rate..

How flood cess is calculated?

The flood cess in Kerala is calculated on the value of the supply. This means that CGST and SGST are not included in the value of supply. … The flood CESS is 1% and will have a value of Rs. 10.

What if GST return not filed for 6 months?

According to sources, PK Dash, Chairman, CBIC, expressed his displeasure in the progress of cancellation of registration of non-filers who have not filed GSTR 3B (showing tax payments) returns for six or more than six return periods and are liable to action under GST law.

How do I file a flood cess return?

For filing Kerala Flood Cess Return, the taxpayer shall visit the website of the Department www.keralataxes.gov.in. In the website, “File Kerala Flood Cess Return” portal (Marked in red) is available. When clicking on the same, the following window will be generated in new tab.

What is flood cess?

1. Why is Kerala Flood Cess levied? Kerala Flood Cess is levied to raise the fund which is required for re-construction of the State after the devastating flood which occurred in the State during August 2018.

How is KFC calculated?

KFC (i.e. Taxable Value X KFC Rate)…Kerala Flood Cess is Calculation.ParticularsAmount without KFCAmount after KFCKFC @1%-10Taxable Value for GST10001000CCGST @9%9090SGST @9%90902 more rows•Jun 17, 2019

What is KFC cess?

The Kerala Flood Cess (KFC) will be imposed on all intra-state supplies of goods and services or both made by a regular taxable person to an unregistered person (B2C supplies) in the state of Kerala from 1 June 2019.

What is state GST?

The State GST, as the name implies, is a tax collection medium for the State Government. It is collected as a separate tax in the case of intrastate transactions. Similar to CGST, it is charged across all sales and purchases and other non-exempted transactions under the GST Act.

Is cess refundable?

Answer: No. Refund of compensation cess cannot be claimed in case of export on payment of IGST as they could claim for refund of taxes paid (i.e. IGST). … XYZ limited could claim for refund of accumulated ITC of compensation cess on account of export of final goods without payment of IGST under bond or LUT.

What is cess?

A cess is a form of tax levied by the government on tax with specific purposes till the time the government gets enough money for that purpose. Different from the usual taxes and duties like excise and personal income tax, a cess is imposed as an additional tax besides the existing tax (tax on tax).

How is Kerala flood cess calculated in GST?

‘Kerala Flood Cess’ shall not apply to goods or services or both supplied under the composition scheme….Value of supply where Kerala Flood Cess is applicable.Sr. No.DescriptionRate of Kerala Flood Cess2All goods taxable @ 1.5% SGST0.25%3All goods taxable @ 6% SGST1%4All goods taxable @ 9% SGST1%5All goods taxable @ 14% SGST1%1 more row•Jul 6, 2019

What are the 3 types of GST?

Know about the types of GST in IndiaHighlights.CGST, SGST and IGST are the 3 types of GST in India.CGST and SGST are levied on intra-state transactions.CGST is collected by the centre and SGST by the state.IGST is charged on inter-state goods/services transactions.

How do I return something to KFC?

Key points for KFC Return Manual are: After visiting the website, “File Kerala Flood Cess Return” portal is available. Click on the same and a window will be generated in the new tab. The taxpayer shall enter their GSTIN as ‘User Name’. The password will be the one created by the tax payer at the time of registration.

How do I file a GST return?

How to file GST return online:Visit the GST portal (www.gst.gov.in).A 15-digit GST identification number will be issued based on your state code and PAN number.Upload invoices on the GST portal or the software. … After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online.More items…•

Is GST to be paid monthly?

As per the guidelines, every registered regular taxpayer has to furnish the GST returns on a monthly basis, and pay the requisite tax by the due date for payment of GST – 20th of every month.