GST Rate Changes After Making Payment for Hotel Room Booking: Will It Affect Your Bill?

A businessman asked if import purchases should be included in GST returns. Yes, imports are subject to IGST, and details must be reported in GSTR-2 form's Column 5. Importers can claim Input Tax Credit (ITC) for IGST paid on imports to offset GST liabilities from sales. \r

For outstanding VAT returns, they must be filed to carry forward ITC to GST, as per Section 140 of the CGST Act 2017. Transferring shares between DEMAT accounts doesn’t attract capital gains tax if no money is exchanged. Medical expenses from a car accident may not qualify for specific tax deductions, but compensation from a Motor Accident Claims Tribunal is not taxable. \r

Tax rate changes after hotel booking do not affect the customer if payment and invoice were issued before the rate change.