Is GST applicable on export of IT services?

Answer: The rate of GST on IT services is 18\%. Answer: Exports and supplies to SEZ units and SEZ developers are zero-rated in GST. Zero-rating effectively means that no tax is payable on exports but the exporter/supplier is entitled to the input tax credit on inputs/input services used in relation to exports.

What if my turnover is more than 20 lakhs?

A business whose aggregate turnover in a financial year exceeds Rs. 20 lakhs (or Rs. 40 lakh for a supplier of goods) has to mandatorily register under Goods and Services Tax.

Can I register for GST if my turnover is less than 20 lakhs?

GST is not applicable for those assessees whose turnover is less than 20 Lakhs. Go ahead and surrender your GST registration. Contact a local tax lawyer/CA. A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. ..

Is GST registration mandatory for chartered accountants?

So all services provided by practising chartered accountants will be liable to GST @ 18 \%. If the supply is intra-state, then 9 \% CGST and 9\% SGST will have to be charged and if the supply is inter-state, then 18\% IGST….Impact of GST on Practising Chartered Accountants.

Sr. No.	Service Code	Service Description
5.	998232	Individual Tax Preparation and Planning services

How can I get GST refund on export of services?

Such taxpayer needs to login to the GST portal and selecting Services > Refunds > Application for Refund > Export of Services with payment of tax > RFD-01. The details relating to the export of services will need to be uploaded using the offline utility.

Can export be made without Lut?

Exports without LUT: Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules).

Is IEC required for export of services under GST?

For services exports however, IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy. Consequent upon introduction of GST, IEC being issued is the same as the PAN of the firm. However, the IEC will still be separately issued by DGFT based on an application.

Is GST registration required for companies with more than 20 lakhs turnover?

Ans. Yes, Registration would be required if your turnover is more than 20 Lakhs (10 Lakhs for special category states other than State of Jammu & Kashmir). Also refer to section 24 of CGST Act, 2017 for compulsory registration.

Do I need to register for GST if I export goods?

Yes you need to register for GST as the aggregate turnover includes export of goods or services or both. EDIT: The turnover limit does not apply when it comes to export as it is classified as Inter-state supply A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatory register under Goods and Services Tax.

Do I need to register GST for zero rated supply?

Person making zero rated supply requires GST registration (except in case of service providers having turnover less than Rs 20 lakhs) Exporters can claim refund of GST Compensation Cess & Compensation Cess will not be charged on goods exported under bond or LUT (CBE&C circular No. 1/1/2017-Compensation Cess dated 26-7-2017.)

What is the incidence of taxation in case of GST?

Ans. Incidence of taxation in case of GST is ‘supply’. NRI making taxable supply in India are required to take registration. For registration as non- resident taxable person there is no exemption threshold. Please refer to Section 24 of the CGST Act, 2017.