RCI (MBA) (33 Points)
25 June 2015Want to know the legal formalities involved in providing consulting services to foreign company (Export of services)! What all are required and when with regards to IEC Code, Servies Tax, Income Tax Liabilities, Exemption of Taxes and everything related to the same.
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 25 June 2015
Hello,
Service Tax : Get the service tax registration, anyways export services are exempted.
Income tax: There are no benefits currently 10A / 10B for export services. And its mandate for to get the PAN for carrying bussiness.
Shops & Establishments: You need to register for Shops & Establishments as part of labor regulations
VAT: As part of state regulations, get the TIN No. FYI Export serivces are also exempted from VAT but you are supposed to show in the returns. If you are deailing only export services then VAT reg is not mandate.
IEC Code: IEC Code and other formalities required if you are registering under STPI / SEZ else its not required. Registerfing under STPI / SEZ helps in getting the benefits like exemption of customs duty on Capital good imports / Tax hoilday for SEZ for certian years.
Hope this suffice. Do psot for any other queries.
Thanks,
Suri
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