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Shalini R N
One of our registered customer who is in Andhra Pradesh, takes our transport service for transportation of his products from Bangalore to Tumkur and Sira. We are also registered Goods Transport Agency and are based in Bangalore. Start location and End location both are in Karnataka. But our customer is in Andhar Pradesh. Please clarify whether we need to bill IGST Billing or CGST & SGST Billing.
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1. Integrated Goods and Services Tax or IGST
The Integrated Goods and Services Tax or IGST is a tax under the GST regime that is applied on the interstate (between 2 states) supply of goods and/or services as well as on imports and exports.
The IGST is governed by the IGST Act. Under IGST, the body responsible for collecting the taxes is the Central Government. After the collection of taxes, it is further divided among the respective states by the Central Government.
For instance, if a trader from West Bengal has sold goods to a customer in Karnataka worth Rs.5,000, then IGST will be applicable as the transaction is an interstate transaction. If the rate of GST charged on the goods is 18%, the trader will charge Rs.5,900 for the goods. The IGST collected is Rs.900, which will be going to the Central Government.
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Vaishali Anand
I am a stock market trader and investor in Indian stock markets. I do it via a regular demat and trading account. My question is will I have any tax saving if I register a company for my trading ?
Hi, it would depend upon the the amount of income earned. If the income earned is expected upto 10 Lacs per annum, then incorporating a Company is not suggested. However, if it is above 10 Lacs, then cost benefit analysis has to be done as Registering a Company would increase certain compliance costs however all income would be charged at flat 25%. The tax rates for individual PAN are as per the slab rates (2.5 L - 5L: 5%; more than 5L - 10L : 20%; above 10 Lacs it is 30%).
Fore more information, you may connect with us at deepakkucheria@gmail.com or +91-9911744028
Thank you
T&C applyV
Vaishali Anand
I trade and invest in Indian Stock markets with my own capital. I do it via a standard demat and trading account. My question is will it be beneficial to form a company with regard to the taxes I pay?
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Vaishali Anand
I trade and invest in Indian Stock markets with my own capital. I do it via a standard demat and trading account. My question is will it be beneficial to form a company with regard to the taxes I pay?
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Vaishali Anand
I trade and invest in Indian Stock markets with my own capital. I do it via a standard demat and trading account. My question is will it be beneficial to form a company with regard to the taxes I pay?
