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APPLICATION OF GST

REGISTRATION
1)Every business carrying out a taxable supply of goods or services and
whose turnover exceeds the threshold limit of Rs. 20 lakh will be
required to register

2)Chartered Accountants even if their turnover below 20 lakhs will take


registration to take the benefit of ITC otherwise its client will have to take
registration
3)If URD purchase go above 5000 consolidated per day then as
per RCM registration will be mandatory

4)Every office of chartered in different state has to take separate


registration.
RATE
Earlier under service tax charged was 15%(Incl of all cess)
now GST is charged18%.
EXEMPTION
A service provided by an employee to an employer in the course of
employment is exempt under gst.
Article not treated as employee
But there is a clarification no gst will be levied on stipend.
INPUT TAX CREDIT
“Input Tax” in relation to a taxable person, means the Goods and Services Tax
charged on any supply of goods and/or services to him which are used or are
intended to be used, during furtherance of his business.
ITEMS ON WHICH INPUTS TAX CREDIT IS NOT
ALLOWED
1) food and beverages, outdoor catering, beauty treatment, health services, cosmetic
and plastic surgery
But if the goods and/or services are taken to deliver the same category of services or
as a part of a composite supply, credit will be available
2)rent-a-cab, health insurance and life insurance except the following:
Government makes it obligatory for employers to provide it to its employees
goods and/or services are taken to deliver the same category of services or as a
part of a composite supply, credit will be available
3) Goods and/or services used for personal use
THANK YOU