I started a partnership firm travel business in Oct-2017. Its bank transactions are 17 lakhs. After all expenses profit will be around 1 lakh in the financial year. whether it comes under GST. I have to pay income tax? more
As I understand, the minimum turnover for registering under GST is 20 Lakhs. For a partnership firm, income tax has to be paid on profit for any amount whatsoever. more
There are two aspects GST & Income-tax both differ by meaning, for GST not required to register but income tax is payable on the profit earned by the firm & your individual status !! correct if I am wrong !! more
Follow sum of travel services billed plus luggage charges by whatsoever name like parcel or courier billed.If the GST is collected by ur booking agents online or offline please ensure.Also the travel charges in cash.If all together if doesn't exceed RS.18 lakh obtain GST and file GST return claiming exemption.IT return is on annual basis on the income of the firm. more
Services are also exempt upto 20 lacs in GST . Hence GST registration not required.Under Income tax act ,tax is payable by partner ship firm even if it earns 1 rupee i.e. basic exemption limit for firm is zero rupee more
Nephew had applied for GST cancellation a couple of months back but continues to receive notices from GSTN for failure to file monthly return. His accountant tells him that GST office will not proc...
7 years post the launch of GST I must tell you that most retail services businesses in India still evade it and Govt has failed to do anything. From ac repair fellow to caterers and from...
My cousin’s friend runs a local bakery in Goa. He accepts only CASH. No UPI/CC/Debit Card-- nothing! Logic: if he accepts anything in 'white', he will pay around...
Interesting how poor people and commoners pay GST on pretty much everything they buy from biscuits to namkeen, milk to grocery And rich buys iPhone, Luxury Cars, etc as Business Expenses...
Cut & polished diamonds are charged 1.5% GST. Flour & curd are charged 5% GST. Diamond walas can fund politics but aate dahi doodh walas can’t?? Plea...
The GST Council has recommended 5% GST on dairy items like pre- packed, pre-labeled curd, lassi and butter milk and increasing GST on dairy machinery and milking machines from 12% to 18%. This move...
Bicycle will attract a GST rate of 12%, but diamonds will attract only 0.25%. At a time when people aren't able to afford petrol & the poor are forced to commute on cycles, the govt charges 12%...
The Private tutors and coaching classes runners should be registered by the local authorities like Panchayats, municipalities and metros through simple forms with names, addresses of operators, the...
Rs6.14 lakh crore as input tax credit (ITC) remains blocked under Rule 86A by the tax authorities without any due process being followed. Attached is data by state. Can LocalCircles take up this is...
Dear All, I live in an affordable housing society under PMAY in Gurgaon for the past two years. Maintenance is supposed to be free for five years. Builder has increased CAM charges twic...
By Gloria Joseph
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