Is GST applicable for tax consultant?
GST rate on consultancy services : Consultancy services attracts 18% of GST Rate. Consultancy can be of any nature related to healthcare, finance, investments etc. Though there are five slab rates, but consultancy services falls under 18% slab only. Other GST slabs are 0%, 5%, 12%, 18% and 28%.
GST is called as Goods and Service Tax which is an indirect tax and passed in the parliament on 29th March 2017 and came into force on 1st July 2017. This is an indirect tax which has replaced many indirect taxes such as VAT, excise duty etc. As the name suggest the GST is imposed on supply of goods and services.24-Sept-2021
What are recent changes in GST?
5 per cent GST on ostomy appliances and on the transport of goods and passengers by ropeways from the previous 12 per cent. 12 per cent tax against the previous 18 per cent for renting trucks, goods carriage where the cost of fuel is included.18-Jul-2022
“Prices will go up on daily essentials for end-consumer who cannot avail input tax credit benefits. These include pre-packaged or labeled buttermilk, curd, and paneer, earlier exempted, and will now attract 5 per cent GST starting from 18th July 2022," said Archit Gupta, Founder and CEO of Clear.16-Jul-2022
Do freelancers pay GST?
It is widely known that freelancers are required to obtain GST registration and pay 18 per cent Goods and Services Tax for any income earned from these services. This is implemented to those who earn an income that exceeds the threshold of INR 20 Lakhs. Know more about GST turnover limit.
Which GST rates are applicable to freelancers? The GST rates applicable to freelancers are 0%, 5%,12%, 18% and 28% depending on the type of service provided. If there is no specified rate for the service provided, you will have to charge 18% GST from your clients.14-Jan-2020
How do I become a GST expert?
GST Practitioner – Application Procedure
The GST training is a comprehensive guide to the Goods and Service Tax regulations. EduPristine GST course covers the practical aspects of Good and Service Tax (GST) including registration, returns and in-depth accounting and recording of GST transactions.
Is Taxguru free?
https://taxguru.in provides free updates to Chartered Accountants, Company Secretaries, Tax Professional, Cost Accountants and other Account Professional on Amendments in Income Tax, Wealth Tax, MVAT, DVAT, PVAT, Company Law, Service Tax, ICAI Regulation, FEMA, RBI, Custom Duty, Excise, DGFT, SEZ, ICSI Regulation, CMA
The GST rates of 5%, 12%, 18% and 28% on goods, were affecting consumers with several pros and cons on services. However, services such as healthcare and educational services were excluded from GST. The passed GST rates slabs from the GST council consists of NIL, 5%, 12%, 18%, 28% rates on different services.22-Jul-2022
What are the 3 types of GST?
Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.
The Central Board of Indirect Taxes and Customs (CBIC) has notified that 18% Goods and Services Tax (GST) rate will be applicable 1 J 1 January 2022 onwards and f the 12% GST rate for government contracts will be withdrawn.
What product is 18% GST?
What Falls Under the 18% GST Rate? Household products, including hair oil, toothpaste, shampoo, etc. All devices for length measuring by hand, like measuring tapes, callipers, etc.
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What are the 4 slabs of GST?
The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.
The traders, who have turnover below Rs 20 lakh and supply goods and services within the state, can also go for voluntary registration to avail input tax credit. "But once registered, the traders will have to pay taxes on all supplies, even if turnover is less than Rs 20 lakh," Adhia said.06-Jul-2017
Who will pay GST?
2) Who is liable to pay GST? In general the supplier of goods or service is liable to pay GST. However in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.
You must register for GST if: your business has a GST turnover of $75,000 or more. your non-profit organisation has a GST turnover of $150,000 or more. you provide taxi or limousine travel (including ride-sourcing services like Uber, GoCatch, Didi or OLA) regardless of your GST turnover.20-Jan-2021
What is GST NO in freelancer?
Tax Rates for Freelancers The GST you're liable for as a freelancer is based on the type of services you offer. As of 2018, GST tax rates are 0%, 5%, 12%, 18% and 28%. If there's no specified GST rate for your service, you're liable for 18% GST.29-Jun-2018
The Goods and Services Tax (GST) is a 5% tax applied to most taxable items and services in all provinces and territories in Canada – except where there is an agreement to have GST collected together with Provincial Sales Taxes (PST). In that case, the GST and PST are replaced by a Harmonized Sales Tax (HST).06-Feb-2022
What is the salary of GST practitioner?
GST Practitioner salary in India ranges between ₹ 0.3 Lakhs to ₹ 5.0 Lakhs with an average annual salary of ₹ 2.4 Lakhs. Salary estimates are based on 46 salaries received from GST Practitioners.
Is GST applicable for tax consultant?