Quick Answer: Is GST payable on advocate fees?

GST is chargeable when a lawyer or law firm provides any kind of legal service to a business entity having an aggregate turnover of Rs. 20 Lakhs or more in the previous financial year. GST on legal services is also chargeable when a senior advocate provides legal service to another advocate or firm of advocates.

Is GST applicable on legal services?

GST is chargeable on the legal services rendered by any advocate practicing on an individual basis or senior advocates or a firm of advocates to a business corporation with a yearly turnover up to Rs 20 lakhs.

Is GST applicable on professional fees?

Yes you are required to charge GST since you are providing professional service (as 10% TDS is getting deducted) and your turnover is above Rs. 20 lakh in one year. Hi, Yes, you are required to charge GST@18% on the same.

What is the rate of GST on professional fees?

18% GST rate is applicable for other professionals, technical and business services. Know more about GST rate for medical services or find GST rate for all services.

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Does advocate pay tax?

As per law, advocates are exempt from paying service tax for services rendered to individuals.

Is Advocate exempted from GST?

Advocates has privilege of not to pay GST on their output supply, while the tax on their supplies has to be paid by recipient under Reverse Charge Mechanism (RCM).

Do lawyers have to pay service tax?

Services by an Advocate / law firm to another Advocate / Law firm is exempted. So billings between Advocates / Law firms is not liable to Service Tax. … Services provided by an advocate / law firm to small business entities having turnover upto Rs. 10 lakhs in the preceding financial year.

Do freelancers charge GST?

An important note for freelancers who have more than one job: You only pay GST if you are earning $75,000 or more from a single business. For example, if you are only earning $35,000 from your side business, but you have another employer who is paying you $50,000 per year, you would NOT need to apply for GST.

Do I need to pay GST as a contractor?

Contractors may also need to register for GST. As a contractor, you have to register for GST if your GST turnover is at or above the GST turnover threshold of $75,000 (exclusive of GST) and $150,000 (exclusive of GST) or more for non-profit organisations.

Do freelancers pay GST?

If you are a salaried employee, you do not have to pay goods and services tax (GST). But if you are a freelancer—lawyer, architect, designer, developer, sales professional, etc. — you have to pay GST in certain cases.

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How do you calculate GST on professional fees?

Here’s a step-by-step guide to help you calculate your GST.

  1. Step 1: Find the HSN or SAC code. …
  2. Step 2: Determine the applicability of IGST or CGST and SGST. …
  3. Step 3: Determine reverse charge services. …
  4. Step 4: Determine the type of transaction. …
  5. Step 5: GST Composition Scheme.

How much GST do I charge?

How does the GST work? The current rate of GST is 10%. This means that if you charge $100 for your goods or services, your customer will be charged $110. The additional $10 is the GST which needs to be paid to the ATO.

Which type of tax is GST?

GST is a single domestic indirect tax law for the entire country. Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged.

Is Advocate exempted from income tax?

Earlier, lawyers needed to file under ITR-4, but now lawyers can file under ITR-4 (Sugam) if they opt to file under presumptive taxation. … Even if the lawyer is settled abroad and is providing services in India, he has to pay tax in India for earning income on his profession.

What is LLB taxation?

B. Com LLB with Specialisation in Taxation Laws is a 5-year undergraduate program. It’s a course that combines law and commerce while focusing on taxation laws. If you have an interest in commerce, tax and law – BCom LLB syllabus will prove to be highly valuable and informative during the journey.

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How do I get a tax advocate?

You can call your advocate, whose number is in your local directory, in Publication 1546, Taxpayer Advocate Service — Your Voice at the IRS, and on our website at www.irs.gov/advocate. You can also call us toll-free at 1-877-777-4778. 7.