A freelancer software consultant likely to have 25-30lakhs turnover p.a for the current year from export software services has obtained recently the following registrations,
1. GST Regn
2. LUT fiing
3. IEC Regn

He provides his services via Upwork website-
1. Where he provides services to American clients but receives forex from Upwork.
2. Also, he sometimes directly provides services to American clients and receives forex in his payment gateway directly from American clients(ex:paypal)

In both the above cases, neither Upwork nor American client asks for his Export bill because they maintain a statement of hours worked and based on that they pay the Software consultant.

So, to satisfy LUT conditions in gst one has to
1. To receive forex (consideration) for his services
2. Obtain BRC/FIRC from the bank
and
3. Raise an Export Invoice for Services

In the said case, he receives forex and can request the banker for BRC/FIRC.

But how do we invoice the Upwork website or the American client ?

My doubts here are,
1. Should we raise an Export Invoice and mail them
2. Does our Invoice need acceptance from the recipient of Services
3. Or can we just raise the Invoice and keep it in our records and not submit to them.

Kindly guide me over these doubts. Also, kindly let me know if i have missed any points as far as export of services are concerned.

Please solve this problem.
Coimbatore cotton mills is engaged in the business of growing cotton and manufacturing thread. For the financial year 2019-20, the company manufactured 5000 spools of thread and sold them for value of 60,00,000. They used 2000 bales of cotton grown by them. The market price per Bale of cotton is 1500. Cultivation expenses incurred for producing 2000 bales of cotton was 38,00,000. Determine the business income chargable to tax for A.Y 2020-21.

Hello,

 My query is regarding 7.75% RBI Savings (Taxable) Bonds issued in January 2018. If I opt for the Cumulative option , how will the interest be credited to me? Will I receive the entire interest on maturity ? Or will it accrue every year and I will have to show it as income in my ITR every year?

In other words, will TDS be deducted in one go at the end of maturity when all interest is paid to me? Or will TDS be deducted every year on the interest amount that accrues to me every year?

Thanks in Advance

A gst registered regular scheme dealer service income from functional hall rents.
Income and expenses detailes for one month:
Rental income from functional hall rs.3 lacs
Advance from customers rs.50,000/-
Salary paid to workers rs.15000/-
Electricity charges paid rs.20000/-
Cleaning charges rs.1000/-
Staff welfare exp rs.500/-
How to calculate input itc value and output itc claim value and net gst payble show in gstr3b and gstr1 returns.

A limited co. Wants to recruite candidates for a post.
Wheather gst is applicable on application form fee.

Respected sir,
My client cancelled gst Registration no. through gst portal because His business turnover within limits and filed nill return....Gst no. Cancelled but still he login in it but no return available....while doing business he needs Gst no...How we get new GST registration no....due to Gst cancelled but still login in it but can't available return...
Suggest how to get new registration no?

Do reply sir

Thanking you

If provision for diminution in the value of the current investment is debited in the statement of profit and loss, will it be disallowed while making computation of taxable, and if yes, under what section?
Thanks in advance.

Can anybody explain how BG relief will help contractors.

We are executing govt. contracts , as per contract clause we have to provide PBG -10% of CV till completion of DLP period.

As per new relief , how it will benefited to us.

Mr.A TRADE LINK WITH AMAZON FOR HOME NEEDS PRODUCTS WITH GST INVOICE. (SALES BILL 10,000/- GST 5% 500/- TOTAL RS.10,500 )THE AMAZON PARRED FOR SERVICE TAX WITH GST ( P BILL FOR 10% ON SALES AMOUNT).
MY QUERY IS Mr. A HOW TREAT THIS SERVICE UNDER THE HEAD OF ACCOUNT
TDS APPLICABLE OF SERVICE BILL

THANKS .

Dear Sirs/Madams,

>> Suppose there are 3 companies : A, B and C
>> A is a subcontractor for B for which B pays processing charges to A
B sells the finished goods to C
>> On account of the pandemic of Coronavirus, C asks B to pay some "additional/extra"
processing charges to A on equal sharing basis (Additional processing charges shall be borne
by B and C in the ratio of 1 : 1)
>>Suppose A raises a bill on B for additional processing charges of Rs.100 + 5% GST
>>As agreed, B will recover 50% from C. So, in this case, please answer the following:
(1) On which amount 50% shall be computed
(2) Please state the rate of GST (if applicable) which B shall charge on the 50% reimbursement from C
Thanks in advance.