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Favouring Waves - Service Providers

Goods and Services Tax - GST - By: - CA Akash Phophalia - Dated:- 13-12-2017 Last Replied Date:- 13-12-2017 - Goods and services tax was made effective from 1st July 2017. The law when introduced has made a sea-over change as to taxability of services which can be explained in the following points to large extent- The threshold exemption limit was changed from ₹ 10 lakhs to ₹ 20 lakhs. However, this limit is totally different from the present law in terms of its implication. The limi .....

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ious year turnover. The implication is that the assesse can claim the benefit of ₹ 20 lakhs limit every year. The existing law was recognizing branded services but this recognition is not finding its place in GST law. Meaning thereby that the threshold of ₹ 20 lakhs is commonly available to all kinds of service providers subject to Section 24 of the CGST Act 2017. The existing law was applicable on the country as a whole where the present CGST Act 2017 is applicable state wise. Resul .....

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oviders have been shifted from present half-yearly to monthly. This has resulted in a major increase in compliance on the part of service providers. Favouring Waves The above brief sample changes in the compliance on the part of service providers has resulted in hue and cry among the service providers, precisely among small service providers. The problems faced by them was represented to the GST council through various major bodies ICAI, Tax bar associations, AIFTP etc to name a few. Another imp .....

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-state services. This problem was repetitively raised and considering the same it was decided in GST Council to provide this threshold limit of ₹ 20 lakhs to all the service providers uniformly. Exporter service providers were facing problems in terms of giving bonds along with bank guarantee. It involves considerable time and cost. This compliance was made easy and now all the exporters can export after obtaining LUT from the department. For restaurant service providers the composition li .....

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