01 June 2024
GST Implications for Contractors Unregistered Under GST:
What are the GST implications for contractors who are not registered under GST? Can unregistered contractors levy GST on their services, and if so, at what rate? Are there any thresholds or conditions under which an unregistered contractor must register for GST? How does the GST status of a contractor affect their eligibility for input tax credits? What are the potential consequences for unregistered contractors if they fail to comply with GST regulations?
GST Implications for Contractors Unregistered Under GST:
How does Reverse Charge Mechanism (RCM) apply to contractors who are not registered under GST? In what scenarios does RCM come into play for services provided by unregistered contractors? Could you explain the procedure for compliance with RCM for the establishment or contractee receiving services from an unregistered contractor? Are there any specific thresholds or exemptions for RCM applicability to services provided by unregistered contractors? What documentation and reporting requirements are necessary for the establishment or contractee when paying GST under RCM for services procured from unregistered contractors?
GST Implications for Contractors Registered Under GST:
How does GST registration affect a contractor's obligations and liabilities under GST? What are the GST rates applicable to different types of services provided by registered contractors? Could you explain the procedure for filing GST returns and maintaining compliance for contractors registered under GST? What are the advantages and disadvantages for contractors in opting for GST registration? Are there any specific exemptions or concessions available to registered contractors under GST, and if so, what are they?
01 June 2024
GST registration is required for which threshold is 40 lacs for supply of goods and 20 lacs for supply of service. RCM applicable only for specific services like GTA service, security services etc. General GST rate for service is 18%. Different GST rate applicable for different services.
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