Tax for partnershipfirm on income earn from foreign company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 June 2018
Hello All,
I am co-owner of partner ship firm and via freelancing work, firm gets income from foreign company. What are the tax laws for the same? Do the firm needs to have GST number and liable to pay GST?
How individual who are partners in the firm need to pay tax as per there shared in the firm.
An example of the scenario will be helpful.
I am co-owner of partner ship firm and via freelancing work, firm gets income from foreign company. What are the tax laws for the same? Do the firm needs to have GST number and liable to pay GST?
How individual who are partners in the firm need to pay tax as per there shared in the firm.
An example of the scenario will be helpful.
01 June 2018
GST registration is required for the firm. You can submit the LUT for seeking exemption for paying GST on export of services. Individual partners are not required to obtain GST registration unless they are offering services in personal capacity too and their turnover exceeds Rs 20 lakhs
01 June 2018
You are eligible for refund of unutilised input credit or as the case may be GST paid by you on export of services.
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