Tax is going to be paid on imported services
An online webinar on the new sort of supply and tax returns was organized by the Institute of Chartered Accountants of India (ICAI) Indore branch at GST. The keynote speakers were CA Kirti Joshi and CA Shalini Mehta.
CA Kirti Joshi said that in future GST law, the foremost controversy is going to be about the definition of a word, then that word is supply, because whether or not a transaction will attract GST is going to be determined by whether it’s a supply or not. He said that the definition of supply has been defined very broadly and it covers most sorts of behavior occurring in the business. this will be gauged from the very fact that in this corona epidemic, various business organizations or business institutions collected donations from their members and employees, donating rations, corona warriors, masks, PPE kits, and sanitizers to poor or laborers. These goods also fall into the definition of supply and this cooperation amount can also need to be taxed as a byproduct within the GST Act. If an individual does business or not, But if he imports the services in any way, then he will need to take GST registration and also pay tax to the govt . for instance, if an individual gets an indoor done by the US professional for his house, in such a situation, he will need to register with GST and pay tax in reverse charge.
The taxpayer must also inform about the expenses of traveling abroad
CA Kirti said that if a builder or broker sells land or house to a different person by purchasing land or house through power of attorney, then therein case the additional money that the person, builder or broker, within the transaction of that land founder, GST will need to be paid thereon. CA Kirti stated that if the continued trade is stopped by a registered trader, in such a situation, that the trader will need to pay the remaining stock, furniture, machines, computers, and everyone other assets with him as per GST rules. Only then can it’s kept free from the liability of GST. He said that if an individual has any commercial property in three states, then the taxpayer won’t be required to require GST registration altogether three states. Only registration is going to be taken during a state where that taxpayer’s main place of business.
CA Shalini Mehta said that new sorts of tax for 2019-20 are notified and lots of important information has been sought in it. for instance, if a taxpayer has visited abroad and has spent two lakh rupees or more thereon, then it’s to be reported. If the taxpayer has filled electricity of 1 lakh rupees or more during a year, then his information also will need to tend. If a taxpayer has deposited Rs 1 crore or more in his bank’s accounting, his details also will need to tend. If the taxpayer features a passport, it’ll even have to be told. E-filing of tax returns has been made mandatory for all taxpayers. Only taxpayers 80 years or older can file their returns physically. The program was conducted by CA Branch Treasurer CA Ankul Jain.