CA Brijesh Baranwal
Article explains Meaning of Professionals, GST Exemption Limit for Professionals, GST Rate for Professionals, Documents Required For GST Registration of Professionals, Return Filings Under GST and Period For Which Records To Be Maintained.
Professionals for the tax purposes in India include Architects, Chartered Accountants, Company Secretaries, Cost Accountants, Doctors, Engineers, Lawyers, Technical Consultants, Interior Decorators, Film Directors, Cameramen, Artists, Singers, Authors, IT Professionals etc.
The following have been listed out specifically as professions in section 44AA under Income Tax Act, 1961 and notified there under (Notifications No. SO-17(E) dated 12.1.77, No. SO 2675 dated 25.9.1992 and No. SO 385(E), dated 4.5.2001). These normally are applicable for the purposes of GST as well.
(iii) Authorised Representative
(iv) Company Secretary
(vi) Film Artists/Actors, Cameraman, Director, Singer, Story-writer, etc.
(vii) Interior Decoration
(x) Technical Consultancy
(xi) Information Technology
Small Professionals having gross receipts less than 20 lakhs have been provided exemption from GST compliance vide Notification No. 10/2017-Central Tax dated 13/10/2017.
Currently 18% rate of GST is applicable on almost all categories of professionals in India except some specific exemptions provided for healthcare services. These professionals need to get themselves registered under GST laws, collect GST @ 18% on their invoices and deposit the same to the Government treasury, after adjusting allowed set offs, if any.
Normally following documents are required for an individual professional for GST registration.
√ Address Proof
√ Address Proof for Office
√ NOC if Office is on rent
√ Mobile No. and Email ID
Once the registration is done, monthly, quarterly and annual filings are required depending upon the facts of the particular case. Major relevant GST forms are GSTR 3B, GSTR 1 etc.
GST laws mandate keeping of relevant records such as accounts, invoices etc. for minimum 6 years.
(In case of queries and suggestions Author may be contacted at [email protected])