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Gst required for professionals qualifying section 44ada?

536 views 2 replies

Seth

M

148 Points Joined March 2010

Hello,

An India-based individual is working as a professional and serves only foreign-based companies to receive revenue in USD. He qualifies for filing returns under section 44ADA by declaring 50% of gross receipts as profit as a technical consultant.

1) Is GST registration required by such person? If yes, what should be the rate of GST (like 12% or 18%) and how should it be paid (like 12% of revenue or 12% of net profit?)

2) Isn't the GST not required because he is already declaring 50% of receipts as profit and paying income tax on it

Please let me know.

Thanks a lot

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208868 Points Joined July 2016

The place of supply (your consultancy) is not clear for application of GST.

manik arora

2 Points Joined March 2020

I am in the same dilemma as the above original question poster, I am a software engineer working as individual professional, providing software development/support services as digital media not hard copies. My revenue exceeds 20 lacs per annum.

1) Is GST registration required by such person? If yes, what should be the rate of GST (like 12% or 18%) and how should it be paid (like 12% of revenue or 12% of net profit?) 2) Isn't the GST not required because he is already declaring 50% of receipts as profit and paying income tax on it

Read more at: https://www.caclubindia.com/forum/gst-required-for-professionals-qualifying-section-44ada--519924.asp

1) Is GST registration required by such person? If yes, what should be the rate of GST (like 12% or 18%) and how should it be paid (like 12% of revenue or 12% of net profit?) 2) Isn't the GST not required because he is already declaring 50% of receipts as profit and paying income tax on it

Read more at: https://www.caclubindia.com/forum/gst-required-for-professionals-qualifying-section-44ada--519924.asp

1) If the GST is required, then 12% or 18%? Then XX% of revenue or XX% of net profit?

2) Isn't the GST not required because he is already declaring 50% of receipts as profit and paying income tax on it.

3) If GST is required, if I apply for GST now and get the GST number in next few days, Can I raise GST invoice for already received amounts? If yes, then do I need to submit the GST percentage amount for the already received payments as well?

Help or guidance would be very helpful, I am very confused right now.

Thanks in advance.

1) Is GST registration required by such person? If yes, what should be the rate of GST (like 12% or 18%) and how should it be paid (like 12% of revenue or 12% of net profit?) 2) Isn't the GST not required because he is already declaring 50% of receipts as profit and paying income tax on it

Read more at: https://www.caclubindia.com/forum/gst-required-for-professionals-qualifying-section-44ada--519924.asp

1) Is GST registration required by such person? If yes, what should be the rate of GST (like 12% or 18%) and how should it be paid (like 12% of revenue or 12% of net profit?) 2) Isn't the GST not required because he is already declaring 50% of receipts as profit and paying income tax on it

Read more at: https://www.caclubindia.com/forum/gst-required-for-professionals-qualifying-section-44ada--519924.asp

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