Hi,i have started a youtube business,registered msme and got GST also. I provide coaching and get paid monthly tuition fees. I have no idea about what has to be done next inorder to make my company a legal entity. kindly guide the next step.Not paid any gst nor income tax
Hi,
- On what PAN you have obtained GSTN? What is the name and PAN of business registered with MSME
- When you obtained GST? What is the turnover from youtube business and coaching profession?
- What was the income in the previous year 2017-18?
Thanks
pan on individula wife name.msme registered and gst taken on all wife name. i obtained gst in february 2018.not much business done last financial year.turnover this year is aprrox 10lakhs
Hi,
- Youtube business is the name of wife and you obtained GST on her name. Even though turnover is less than Rs. 20 lacs, you need to collect GST and pay to govt. after claiming ITC on the expenses. You need to file return from Feb.2018 to till date. Last date is 31.10.2018 without any late fees. You need to NIL return if there are no transactions of purchase and sale in a particular month.
- If coaching is provided by wife, such income will be clubbed with you tube business income as the GST is on wife PAN.
- You can call me to discuss.
Thanks
Hi,
Hope you are doing well !
Are you providing coaching through you tube channel or coaching is your another source of income?
Thanks & Regards,
Payal Chhajed
Hi,
1. You need to file GST return. Collect GST from customers and take ITC credit.
2.Income from coaching will be treated as business income and to be clubbed with you tube business income.
Also, please elaborate your query so that we can advise properly.
Hi
Firstly, you need to ensure that you have filed all the GST returns (i.e. GSTR 3b monthly and GSTR1 quarterly).
You need to charge GST @18%. You can claim ITC of the GST paid by you to your vendors.
Since your are providing online coaching I think you will have to charge GST@18% as it will be considered under OIDAR service and your turnover won't matter.
Your tuition fees will be considered as professional fees and you can show 50% as profit u/s 44ADA.
How are you providing tuition on YouTube?
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi
Firstly, why did you register under GST? Looking at your turnover, you were not liable for GST registration.
Since you had registered, you are liable to file monthly return GSTR 3B and quarterly return GSTR1. GST has to be charged at 18%.
From where do you receive the YouTube income? And in which currency? It could be classified as export of services. Had you filed letter of undertaking under GST? If not, you need to pay GST on such income and then claim refund.
We may discuss further over this.
Hi
Once GST registration taken,return to be filled mandatorily. If there are no transaction then also NIL return to be filled monthly.
You should have a valid PAN. If the MSME is registered and you also have got the GST registration done, it should be fine.
