LUT and Export of Services in GST #gst #taxes #income #tax #export #lut

Tax Impact 🌐 on Export of Services💼💸

In this video, we are discussing the various issues related to Export of Services and it’sTaxation
Various points discussed are as follows:
1. What is Export of Services?
2. When to take GST Registration?
3. What is LUT and it’s importance
4. How and when to prepare Invoices
For detailed discussion on LUT please refer to this video

LUT Applicability for Export of Services |CA Gunjan Hirani|

#newvideo #tax #export #financetips #charteredaccountant #finance #export #exportimport #lut #videooftheweek #services #gst

[CAGunjanHirani]

Please refer to this article and refer to a FAQ by Government dated 22.12.2017, wherein it is clearly mentioned that in case of export threshold of 20 lacs is not to be provided

[AmritPalkaur-ip]

Thanks @gunjan I had this query, you answered so clearly

[RishiKapadia-It]

Thank you for sharing this information here!

[vaishnavi]

Thank you so Much, you are lovely, keep making videos!

[vinodsharma]

In my opinion GST registration is not required even in case of export of services upto 20 lakhs as per section 24 of CGST act 2017 read with section 7(5) of IGST act 2017 read with notification no.10/2017-I.T, dated 13-10-2017.

[mdss]

Mam aak video jarur banye ki export service ka lut number lene ka baad jo payment aaya h wo kaise gstr 1 ma file karke dikhaye

[AartiIyer-uh]

Nice video. Can you please make a video on claiming refund of GST on export of services with payment of tax. What are ITCs that are not allowed for refund.

[planbb]

Export of service is included in Interstate supplies.
As per law, Interstate taxable supplies upto 20 lac is exempt from taking GST registration.

So, export of service will get benefit of 20 lac or not?

[Twitter_Timeless]

Another great video.

My query is that earnings from foreign countries remain uncertain. But, once GST registration is taken then its return filings and related headaches become certain!

In case this earning stops then is it easy to get rid of GST and surrender registration?

[cachandnihirpara]

As per Section 22 Every supplier shall be liable to be registered under this Act in the State or Union territory, other than Special category States, from where he makes a Taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees.

Export of services is treated as Inter-state supply. Under section 24(i) persons making any Inter-state taxable supply are required to take compulsory registration.

However, under section 23(2) of the CGST Act, 2017 the Government may, on the recommendations of the Council, by notification, specify the category of persons who may be exempted from obtaining registration under this Act. Under section 23(2) the government by notification. No.10/2017-IT dated 13.10.2017 notified that persons making Inter-state supplies of taxable services shall be exempted from registration u/s 23(2) where turnover is not exceeding Rs.20 Lacs.

Therefore, if turnover is LESS THAN than Rs. 20 lakhs, registration is NOT required.And if amount of aggregate turnover is MORE THAN Rs.20 lakhs, registration IS REQUIRED.

[sharanxxxx]

In today's era, it is impossible to get GST number at home address. Isn't it mam?

As i am trying to apply gstn at my home address and the tax officer is rejecting it
Although i have all the proper documents.

[gursewakksingh]

Mam can u make a complete series about export complaince

[rajansharma]

Hello Gunjan Mam, thanks for the informative video.

I have a query, if I have a consultancy agreement with a foreign company (outside India) and I am providing services to them for gathering market info, identifying potential Indian clients and helping the foreign company in deal closures.

Moreover, I am raising monthly consultancy Fee invoice to the foreign company and I am getting remittance in USD. Will it be considered under “Export of Services” ?

[bankniftylearning]

Hello Mam. Please help me out to understand the tax filling better in bellow situation and please help me out regarding how i can avoid or save gst tax

I am a software engineer and working for one canada based company from last 3 year. for first two year i recieved salary less than 20 lakhs (around 12-16 lakhs) but financial year (2023-2024) i recieved 21 lakhs
I dont have any GST Number and LUT and all. My company sending salary in dollars to paypal and paypal or any other third party services sending me into RS. In the end i am getting in rupees only without any PF, TDS etc

Just because it crossed 1 lakh extra i dont wanted to pay 18% GST for whole year. From current year i can manage to get less than 20 lakhs. I am just worried that if i not file any GST then it should not create any problem in future . How i can save or how i can file the tax. ALso when we can apply for LUT ? This option is not visible in gst portal. Some of users saying LUT forms only be submitted from janunuary to March end. Please help me out

[vivu]

Mam personal saving account pe freelancing ke USA client se fund aata hai more than 6 lac and GST nahi liya hai or Indian income bhi hai trading ki to in that case kya kare ....koi income tax lagega kya ...and GST also didn't took LUT & GST so software services export pe kya income tax lagega ya lagega hi nahj

[devendradevidasani]

WHETHER LUT WAS OBTAINED AND MENTIONED ON THE EXPORT INVOICES BY INFOSYS INDIA.

[ravikantparab]

Madam good morning,
We are msme manufacturer and exporter of the plastic products.we have LUT bond

We received purchase order from foreign buyers for the moulding tool @2 lac and article @1000 nos

The article will be shipped as per tax invoice under LUT bond
But how to make the invoice of the mouldind Tool which was lying at our factory physically movement not to be done

The mould property ownership with our foreign buyer

Please advise..

[ajaychavan]

Mam, mene YouTube se 30 lakh earning karli hai. Aur pura amount mere account me aachuka hai.

Mam abb muze agge kay karna chahiye, plz guide me mam 😢

[KaushalGrover]

instead of the usd hitting my bank... and my bank converting it to INR... what if my company uses an indian bank to pay into my bank directly in INR.
would this change anything? I think I would still need GST. But for the invoice is just my bank statement enough?

[praveens]

Firc govt ne 2016 me band kar di he e firc chalu kar de he jo ki paypal aur strip jese co mail ke dwara hamko bhejti he jisko fira ya remetance advice kahte he kya eski base par refund clame kiya ja sakta he