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Lisa
I have a propreitor ship firm. I have registered vendor codes with different service centres like airtel as a collection agent. Now i want to convert my propreitorship into partnership firm. This means that i will have to apply for new GST and consquently reregister the partnership firm for new vendor codes. The issue is that there is no clarity whether airtel will register new vendorcodes as they have stopped issuing new codes
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Your understanding is correct, you will have to apply for GST for the partnership firm afresh.
T&C applyD
Dilip Sindhe
Can i purchase car costing 11.5 lakh rupees through my savings account how to avoid income tax if enquire?
You will have to pay TCS @1% which can be settled during your yearly IT returns
T&C applyS
Siddiq
I have done taken payment into my saving account using company gst tin by paywithindiamart ,, is it necessary to file gst returns would i be tracked for the transasction
Yes you have to show the transactions into your company GST returns
T&C applyM
Mohan
I am working with X company and receiving form 16 and PF of X company but actually I am getting salary credited to my bank account from Y companies bank account or any other bank account which is not of X company.
X and Y companies have different PAN NO ,TIN NO and PF account numbers .Is it correct as per law? As I fear that Y company can claim amount back as I am no way related to Y company.
Ideally the company which issued you the offer letter should transfer the salary amount and do PF etc. You may need to check this with your employer. This is not correct as per law.
T&C applyK
Kunnu
GST is applicable on leasing dedicated server from foreign country?
A lease is a contractual arrangement between Owner (lessor) & user (lessee) whereby one party, the lessor, grants the right to use a particular assets (such as a parcel of land, building, equipment, or machinery etc) for a specific period and under specified conditions to the other party, the lessee.
Leases are broadly classified into two categories :
1) Finance Lease
Finance lease is relatively for a longer period which is sufficient to amortise the capital invested by the lessor (owner) & leave some profit. It involves transfer of all risk & rewards associated with the ownership of assets to the lessee but the title may or may not be transferred at the end of lease period.
2) Operating Lease/Service lease/Maintenance lease
Operating lease is relatively for a short period of time. The lease period is shorter than economic life of the assets. Operating lease require the lessor to maintain & service the leased assets.
The taxable event in GST is “supply” of goods or services or both. So a transaction to become taxable it must covers within the meaning & scope of “supply”
As per Sec 7 of the CGST Act, 2017, the expression supply includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business;
As per Sec 2(83). “outward supply” in relation to a taxable person, means supply of goods or services or both, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other mode, made or agreed to be made by such person in the course or furtherance of business.
From the above discussion, it is cleared that the term “lease” is covered within the meaning & scope of “supply” and it is a taxable supply.
