1.1. Registration with GST and Other Authorities
1.1.1. All Members shall ensure that they, while trading on their own account and their respective Clients in respect of trades on their behalf as the case may be, are registered with GST and other tax/revenue authorities as applicable under all such States in which deliveries are affected for a particular commodity traded on PetEx.
1.1.2. Trading Members shall maintain records/details of such registration of themselves and each of such Client as the case may be, and furnish the same to Relevant Authority as and when required.
1.1.3. Further, all the Trading Members shall also ensure that they and their Clients are also registered under all the applicable tax authorities mandated by the Government of India from to time and shall continue to hold valid and renewed certificates under all the taxation authorities under the Indian Laws.
1.1.4. It shall be the responsibility of Sellers to ensure that any Food grade products (e.g. Hexane) sold on PetEx are in conformity with the applicable Food Safety & Standards Act, 2006 and any other laws applicable for sale of such goods along with their amendments from time to time.
1.2. Payment of GST
Subject to special terms and conditions, the Seller/Buyer would be liable to pay GST under the respective local, State or the Central legislations, as may be applicable and also other levies if any, and will be solely responsible for complying with all the provisions and General as well as special Terms and Conditions of the applicable laws in that regard. In no event PetEx shall be liable for payment of GST or any other local tax, fees, levies etc. and in the event of any of the aforesaid liability of any party is discharged or paid by the other party, PetEx or warehouse, the party liable for such payment under Special Terms and Conditions shall be liable to reimburse the same together with penalty if any for such default and interest thereon.
1.3. Information Submission Relating To GST to PetEx
Members shall be solely and fully responsible for collection and verification of GST information relating to applicability of GST, Exemptions and/or Concessions claimed, Rate of tax to be levied, from their delivering and/or receiving Clients, as the case may be, and furnishing the same to PetEx for Settlement purposes within the time limit and in a manner as specified from time to time by Relevant Authority.
1.4. Raising of Invoice And Determination Of Sale Value –
Seller shall raise an Invoice as required by GST laws for the deals executed/made on PetEx platform within the time period as may be prescribed by Relevant Authority or as per the Special Terms and Conditions. For the purpose of raising invoice, Sale price shall be calculated on the basis of Quality and Quantity of commodities delivered or as notified by Relevant Authority from time to time.
1.5. Disputes Relating To Incorrect GST/ Tax Information/ Documents For Commodities Delivered/Received
1.5.1. In case where a Client or Member taking or receiving delivery deems the GST information / documents for commodities delivered or received is/are not correct or are insufficient, the said Client or Member shall file the complaint with Relevant Authority about incorrectness or insufficiency or non-receipt of any information or document with regard to GST, if any, not later than 1 week following the pay-in or pay-out day as specified in the Settlement Calendar subject however, to the special terms and conditions. If no such complaint is received by Relevant Authority from the Trading Member or Client as aforesaid within the time as prescribed, it shall be deemed conclusively that all the requisite information or documents have been exchanged between the selling and buying Clients or Members.
1.5.2. Upon receiving the complaint as prescribed above, Relevant Authority shall determine the extent of incorrectness and notify the Trading Members or the representing parties to delivery / receipt, of the results of determination.
1.5.3. If Relevant Authority decides upon the complaint that the commodities for delivery / receipt to have inappropriate or insufficient GST information for delivery / receipt, Relevant Authority shall cause the party making / accepting delivery, as the case may be, to furnish proper information/document as required under applicable GST laws / rules. Relevant Authority may also levy a penalty for each failure in addition to the liability of GST.
1.5.4. Relevant Authority may impose such penalty and other charges as it may deem fit and/or as prescribed from time to time on a Member for non–supply or supply of insufficient information/document/s or supply of incorrect information/documents.
1.6. MAINTENANCE OF RECORDS Of TAX
All the Members of PetEx shall maintain proper records relating to GST tax which include but not limited to maintenance of:
1.6.1. Records of registration with GST Authorities for themselves as well as Client as per applicable law
1.6.2. Details of Information / Documents required under GST laws and furnished to respective Buyer / Seller for deals executed on PetEx