R
Rishi
I am looking to buy products in USA to be sold to people there. If the products don't come to India, do I haveI to pay tax on them?
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Yes you have to because you are the owner who is controlling business from India.
CA Deepak Kucheria 8 Nov 2020Income Tax would trigger, however GST would not trigger.
CA Namita Agarwal 9 Nov 2020Yes, as business is controlled from India and you are likely to be resident of India ,you are required to pay taxes in India. For detailed discussion, you may connect at +91 93545 62098/ info@fincheff.com
J
J V Nair
I am working as an affiliate marketer (for Amazon and Flipkart) and earned around Rs. 16 lakhs till November 2020 and hope will cross Rs. 20 lakhs this financial year. I think I have to take my GST registration once my earning crosses Rs.20 lakhs in this financial year. I have the following doubts? 1) If I take GST registration now, am I responsible to pay the whole GST for this financial year (ie. 18% of 20 Lakhs)? 2) If I take GST registration, am I responsible to file GST returns monthly even my earnings will be below Rs.20 lakhs in the next financial years? 3) Since my earning are based on the advertisement of Facebook Ads and Google Ads, is it a wise decision to limit my earnings below Rs.20 lakhs this year and take GST registration in the next Finacial Year?
Hi Mr Nair
Pls find answers below::
1. No
2. GSTR3B - monthly. For GSTR1- you can opt for quarterly filing
3. lets discuss this over call pls
Regards
CA Namita Agarwal
FinCheff Advisors LLP| Partner
MSME Business Forum India| Strategic Advisor
Mobile: +91 93545 62098
Email: namita@fincheff.com
https://www.fincheff.com/
No GST has to be paid on amount received after 20 lakh and if you take before that also you can charge GST only once you get GST registration and on bill raised after such registration.
Yes GST return would be required.
You can book a phone consultation and discuss more on same: https://www.taxontips.com/category-goods-services-tax-gst-registration/
N
Naresh Kumar R
One bulider for a newly launched project in chennai is charging 5 percent gst and 7 percent input material tax loss . Is it legal to charge these ?
Charging of ITC loss is unauthorised recovery of ITC under GST. It may amount to recovery twice once as a part of cost of raw materials and secondly In guise of ITC loss. You may complain to appropriate authority.
T&C applyN
Nitin
Can I invest transfer some accounts to my parent account and invest under his name? If yes how much and when & how I can take back
Yes, you can do so. The same can be transferred in any amount. However transfer should irrevocable. The parents can anytime do the same for you. Pls note the transaction should be legal.
For further discussion/ information pls reach out to us ::
Mobile: +91 93545 62098
Email: namita@fincheff.com
You may also visit our website - www.fincheff.com
G
Gaurav
E commerce seller ko apne sabhi sell k bill rakhna jarori h? till assessment or few months ?
You are required to maintain bills for prescribed time. In general, under CGST, you are required to maintain records until expiry of 72 months from due date of furnishing annual return.
There are different requirement of maintenance of records under different Acts.
As per Income tax and GST if a person maintains books of accounts they need to maintain the same for 6 years.
CA Akshay Ranka 29 Nov 2020As per Income tax and GST if a person maintains books of accounts they need to maintain the same for 8 years.
T&C apply
