REGISTRATION FOR PROFESSIONAL

Meaning of Professionals  -  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, Authorised Representative etc. The above 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.

GST Exemption Limit for Professionals- 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.

GST Rate for Professionals- 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-ITC, if any.

Documents Required For GST Registration of Professionals- 1.PAN 2.Photo 3.Address Proof 4.Address Proof for Office 5.NOC if Office is on rent 6.Mobile No. and Email ID

Return Filings Under GST- 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.

Period For Which Records To Be Maintained- GST laws mandate keeping of relevant records such as accounts, invoices etc. for minimum 6 years.