How do we determine whether IT services provided by us constitute export of service? As per Sec 2(6) of IGST Act: “Export of Services” means the supply of any service when,–– (i) The supplier of service is located in India; (ii) The recipient of service is located...
Even businesses that have no requirement to register under the Goods and Services Tax may opt for voluntary registration under GST even if you are not liable to be registered. All the provisions of GST applicable to a registered taxable per son will similarly apply to...
Let’s discuss cases that will NOT be treated as Export of Service under GST but seems to be Exports on the face. Also GST shall be applicable under supply of service in all the cases accordingly:- CASE -4: SUPPLY OF SERVICE TO A PERSON LOCATED OUTSIDE INDIA WHERE...
An NRI (Non-Resident Indian) with earnings both abroad and/or in India often faces difficulties in managing their finances. They also find it difficult to track bank accounts across countries, and also while repatriating money to their home country or family back in...
TAXABILITY OF LONG-TERM CAPITAL GAINS ON SALE OF LISTED EQUITY SHARES ETC. Long term capital gains(LTCG) arising from transfer of long term capital assets, being equity shares of a company or an unit of equity oriented fund or an unit of business trusts, is exempt by...
While there are no changes proposed in personal Income Tax rates and slabs, the Government has made certain key proposals to provide relief to small taxpayers, especially to middle class and salaried earners in the form of: Rebate on tax for total income of up to INR...
AGRICULTURE/FARM SECTOR Total allocation for the Agriculture sector has seen an increase of 73% over2018-19 (Revised estimate). The Government announced the Pradhan Mantri Kisan Samman Nidhi (PMKISAN) scheme, which will provide a guaranteed income of INR 6,000 per...
BUDGET 2018 HIGHLIGHTS – DIRECT TAXES TAX RATES No change in tax rates and basic exemption limit Tax rates continue to be same for A.Y. 2019-20 as applicable for A.Y. 2018-19. Further, there is no change in the basic exemption limit. Health and Education Cess:...
What does online information and database access or retrieval services mean? Online information and database access or retrieval services [OIDAR] means services whose delivery is mediated through the internet. The supply is essentially automated involving minimal...
