Hello,
We are a small IT consultancy firm based in Chennai with annual turnover of less than Rs. 40 lacks. Our revenue comes from 70% foreign & 30% domestic.
Would like to have a clarity about the following:
1. Can we voluntarily opt for composite tax? If so, how much we should pay?
2. Do we pay GST for services rendered to foreign companies?
Thanks
Yes you have to pay tax on service rendered to foreign clients....unless it meets the condition for export of service.
You can avail the composition scheme voluntarily
Export of goods or services is treated as inter state supply under GST.
A person exporting goods or services outside India cannot opt for composition scheme.
You have to take the registration under regular scheme if required.
Banks cannot share the personal details of the account holders as per the RBI Norms.
Banks cannot share the personal details of the account holders as per the RBI Norms.
CAclubindia
