Question: Is There GST On Consulting Services?

What is HSN code for services in GST?

SAC (Services Accounting Codes) List & GST Rates on ServicesSAC CodeRate (%)Effective From9954Nil28/06/201799541828/06/201799541828/06/201799541828/06/201765 more rows.

What is the turnover limit for GST exemption?

A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states. Also, the definition of taxable turnover has been changed to aggregate turnover.

Do I need to charge GST for consulting services?

She has run an IT consulting firm and designed and presented courses on how to promote small businesses. If you sell goods and services in Canada, you must charge customers the goods and services tax (GST) or the harmonized sales tax (HST), unless your business qualifies as an exception.

Is GST applicable on painting?

Meaning of Painting Work Painting is the practice of applying paint, pigment, color or other medium to a solid surface (called the “matrix” or “support”). As its supply of services hence GST Law is applicable on all painting related services.

Is handicraft exempted from GST?

On Thursday, the Goods and Services Tax (GST) Council decided to bring 29 handicraft products under the 0% tax rate.

What is exempted GST?

It is the supply of goods and services that does not attract GST and allows no claim on ITC. Example: Bread, fresh fruits, fresh milk and curd etc. Exempt supply is defined in section 2(47) of GST Act.

On what items GST is not applicable?

Also, supplies that attracting nil rate of tax (0% tax) are cereals, fresh fruits and vegetables, milk, natural honey, salt, and more. Along with this, petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas, and aviation turbine fuel are also exempted from GST.

Is GST required below 20 lakhs?

Traders with turnover below Rs 20 lakh will have to register for GST: Adhia. The traders supplying goods to other states will need to register under the Goods and Services Tax (GST) even if their turnover is below Rs 20 lakh, Revenue Secretary Hasmukh Adhia said on Thursday.

Is GST applicable on professional services?

GST Rate for Professionals Currently 18% rate of GST is applicable on almost all categories of professionals in India except some specific exemptions provided for healthcare services.

What is the GST rate for services?

GST Rates for Services Government has also imposed GST on Services with the same 4-tier tax structure as of goods. GST rates on services comprising of 5%, 12%, 18% and 28% comes with various pros and cons for the consumers.

What is the GST limit for professional services?

Composition scheme was made available to service providers: New scheme introduces a fixed tax rate of 6% with 3% CGST and 3% SGST. Independent service providers, as well as mixed suppliers of goods and services with an annual turnover of up to Rs. 50 lacs in the preceding financial year can opt for this scheme.

Is hospital services exempted from GST?

All healthcare services by a clinical establishment or authorized medical practitioner by way of diagnosis or treatment or care for illness, injury, deformity, abnormality or pregnancy are currently exempt from GST. However, hair transplant or cosmetic or plastic surgery does not get exemption and is taxed.

What are the 3 types of GST?

Know about the types of GST in IndiaHighlights.CGST, SGST and IGST are the 3 types of GST in India.CGST and SGST are levied on intra-state transactions.CGST is collected by the centre and SGST by the state.IGST is charged on inter-state goods/services transactions.

Are paintings taxable?

Each state’s laws regarding sales tax are a little different, but in general any “tangible personal property” is considered taxable. So, physical artwork like sculpture, paintings, jewelry, and other crafts are generally always taxable.

On which items GST is applicable?

GST Rate revision in 37th GST council meetingItemOld RateNew RateHotels (Room Tariff of Rs.7501 or above)28%18%Hotels (Room Tariff from Rs 1,001 to Rs 7,500)18%12%Woven/ Non-woven Polyethylene Packaging bags18%12%Marine fuel18%5%12 more rows•Sep 29, 2020

Is GST registration mandatory for professionals?

GST Registration for professionals is required for taxpayers who have a turnover of less than Rs. 20 lakhs are exempted from the registration even if the services are provided outside the state. Further, once the turnover crosses the basic exemption limit, the GST registration becomes mandatory.

Which services are exempt from GST?

All the services related to agriculture including harvesting, cultivation, supply, packaging, warehouse, renting or leasing of machinery, etc. are exempted from GST. However, this does not include the rearing of horses. Transportation of individuals via public transport, metered cabs, auto-rickshaws, metro, etc.