Hi,
First of all, I really appreciate how helpful this community is. I have a question related to GST,
I'm a freelance software developer. I provide software development and consulting services to clients outside India (under my name). Some of these engagements come through platforms like Upwork, Codementor, etc and some of them are direct (without any platform).
Some legal expert insisted that I should get registered for GST, so I did. But given that my turnover is less than 20L, some articles on the internet say I don't need (and some say I need to if I'm exporting services out of India, I'm confused).
After getting my GST number, I also applied for LUT (Letter of Undertaking). Now given that my turnover is less than 20 Lacs, I have a few questions,
- Can I skip filing GST returns every month?
- If not, Is it okay if I file only nil-returns given that I have a LUT for export services? (In my understanding, nil-filing = just filing empty gstr-1 and gstr-3 forms, please excuse me if this is not what nil filing means). And how often? (I've heard that I've to file returns at monthly, and quarterly basis, not completely sure how that works).
- What things I should be keeping track of? (Individual transactions and invoices or just lump-sum is enough for every month). I'm asking this because some of my clients are individuals and they just pay me either via Paypal or directly to the account via transferwise.
- Does it make sense to surrender my GST? (to avoid the hassle of all the filing) And register again only when it feels like there are chances of my turnover surpassing 20L?
I'm sorry if these questions sound silly, it's the first time I'm doing this, and the resources I found on the internet are conflicting and confusing.
Thanks for your time and help :)
CAclubindia
