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GST Applicability on Pvt Sports Academy

venkatesh c (Auditor) (26 Points)

29 August 2024

What's the Applicability of GST on Private Sports Academy, and SAV Code,

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (7203 Points)
Replied 30 August 2024

GST (Goods and Services Tax) applicability on Private Sports Academy: - Supply of services by a private sports academy is considered a taxable supply under GST. - The academy would need to register for GST if their annual turnover exceeds the threshold limit (currently ₹40 lakhs). - GST rate would depend on the specific services offered (e.g., coaching, training, facility usage). - Some services like education and healthcare may be exempt or have a lower GST rate. SAV (Service Accounting Value) Code: - SAV code is a classification system for services under GST. - For private sports academies, the relevant SAV code would likely be: - 9996 (Recreational, cultural, and sporting services) - 99964 (Sports and recreational services) - This code helps determine the GST rate and other tax compliance requirements. Please consult a tax professional or GST expert for specific guidance on your private sports academy's GST obligations and SAV code classification.

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Sportz Fyy (4 Points)
Replied 07 December 2024

GST (Goods and Services Tax) applies to private sports academies based on the nature of their services and exemptions specified under GST law. Certain services related to sports are exempt from GST, such as those provided by charitable entities registered under Section 12AA or 12AB of the Income Tax Act, 1961, and training or coaching in recreational activities related to sports. Private sports academies, if not registered as charitable organizations, may not qualify for this exemption. Coaching services provided by private academies are taxable under GST at 18%, classified under the Services Accounting Code for education and training. If the aggregate turnover of the sports academy is below the prescribed threshold limit, GST registration and tax payment may not be required. The nature of services offered, such as recreational sports training or professional sports training, may also affect GST application. To determine GST applicability, assess the nature of services, check turnover, verify exemption notifications, and register under GST.

Sportz Fyy (4 Points)
Replied 19 December 2024

GST applies to private sports academies based on their services and exemptions. Certain sports-related services are exempt, such as charitable entities and recreational sports training. If not registered, they may not qualify. Coaching services are taxable at 18%. If the academy's turnover is below the sportzfy threshold, GST registration and tax payment may not be required. The nature of services, such as recreational or professional sports training, may affect GST application.