B Sam (Developer) (6 Points)
18 March 2022Hello,
We are a small IT consultancy firm based in Chennai with annual turnover of less than Rs. 40 lacks. Our revenue comes from 70% foreign & 30% domestic.
Would like to have a clarity about the following:
1. Can we voluntarily opt for composite tax? If so, how much we should pay?
2. Do we pay GST for services rendered to foreign companies?
Thanks
prasad Nilugal
( GST Practitioner & Accounts )
(14692 Points)
Replied 18 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 18 March 2022
shashi kala
(2 Points)
Replied 18 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 18 March 2022
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 22 April 2022
Yes you have to pay tax on service rendered to foreign clients....unless it meets the condition for export of service.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 22 April 2022
You can avail the composition scheme voluntarily
CA Puja Sharma
(Chartered Accountant)
(4999 Points)
Replied 22 April 2022
Export of goods or services is treated as inter state supply under GST.
A person exporting goods or services outside India cannot opt for composition scheme.
You have to take the registration under regular scheme if required.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 22 April 2022
Banks cannot share the personal details of the account holders as per the RBI Norms.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6180 Points)
Replied 22 April 2022
Banks cannot share the personal details of the account holders as per the RBI Norms.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
