I'm providing one time consulting service and will receive $1200 dollar approx 1 lakh for same. Is there any gst compliance which is to be done for the same?
Is there any other legal compliances which I need to keep in mind
As per the Provision of Section 22 of the CGST Act 2017, Person's whose Aggregate Turnover exceeds Rs. 20 lakhs ( Rs. 10 lakhs in Special Category States ) are required to apply for GST Registration.
So you are not required to get registered under GST. You have to just declare this transaction in your ITR.
In the given case, if we have given services to a person who is located outside India. i.e., we have exported services for which the payment is received in foreign currency. in the given case $1200 is received then as per section 24 of the CGST Act, 2017 the supplier of service is mandatorily required to get registered.
Therefore, in compliance with section 24 of the CGST ACT,2017 person is required to get mandatorily registered.
But section 23 of CGST Act, 2017 states that in case of service, registration is required only when turnover excess 20 lakhs and otherwise no registration is required. ( this section overrides the section 24 because it is specific section for non registration)