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Since the government made a strong statement about GST rates, the market has been very confused. There is a lot of confusion about how to register for GST, how to bill for GST, and how to file a GST return.
Your counselling or consulting business needs to be registered with the GST. So, you should learn about the GST structure that applies to this idea and make an effort to save taxes on your services. This article will tell you everything you need to know about GST in India for consultants.
So, the question is: Do independent consultants in India need to sign up for GST? As a service provider, you must sign up for GST Registration if any of the following apply:
GST Registration for Consultancy Services
So, the question is: Is GST registration necessary for individual consultants in India? As a service provider, you must sign up for GST Registration if any of these things are true:
In any financial year, turnover exceeds Rs. 20 lakhs (excluding the North-Eastern States).
A Financial Year with turnover exceeding Rs.10 lakhs;
The SAC Code for Consultancy Services
SAC CODE – 99831
As one of the Services Accounting Codes (SAC Codes), 99831 is used to describe management consulting and information technology services.
As part of this service code, you will find the following:
1.Coordination and supervision, on behalf of the client, of the use of resources in planning, starting, and finishing a project;
2. As part of the project management process, a wide range of services can be provided, such as budgeting, accounting, cost control, procurement, timetable planning, quality control, coordination of subcontractors’ work, inspections, and quality control.
3.Under the umbrella of project management, there are many different services, such as managing the project, the office, the staff, and other information technology services.
SAC CODE – 9983
In this service code, architectural drafters or engineering technicians provide detailed layouts, drawings, plans, and illustrations based on engineering and architectural specifications of buildings, structures, systems, or components; compilation services of facts and information (such as databases); and so on.
SAC CODE – 998312
The Service Accounting Code is made by following a set of rules and a uniform format.
The first two numbers of a service number are always 99. This code, 83, shows that the service is a major type, which in this case is a mix of professional, technical, and business services.
As you can see, the next two digits, 12, give a more specific description of this service, which is a business consulting service, such as public relations services, in this case.
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Tag : GST Filing, GST Registration, TDS Filing