santanu18 Posted December 24, 2019 Report Share Posted December 24, 2019 2 hours ago, AtheK said: Thanks man, do these guys charge in INR or USD Sent from my HD1911 using Tapatalk INR, however if you pay via paypal, it will auto convert to GBP, which you need to change it to INR in Paypal before confirming the payment. It will redirect to cdkeys again which will show the initial amount in INR. If you type or cc/dc details directly, there is no question of all these. 1 Quote Link to comment Share on other sites More sharing options...
North Posted December 24, 2019 Report Share Posted December 24, 2019 1 hour ago, kunjanp said: Lol, no. Working people work as employees. They are providing their service for an income and they paying tax on that said income. And if a Freelancer wants this credit then she/he will have to register with GST but they will have to pay 5,12,18 or 28% GST on the value of goods/services they offer in addition to the income tax which they would have paid if they didn't term themselves as a business. Much of this tax is transferred over to the end customer but still the freelancer ends up paying more. Only makes sense when your business is doing well and you need bulk input and hence Tax credit actually save you money. Tax credit in GST is beneficial because in earlier service tax, it was applied on inputs and not final outputs. So same input used to get tax multiple times. Thanks a lot for the explanation. That clears it up quite well. Its good that GST is here to avoid the multiple taxation problem then 1 hour ago, kunjanp said: Also, GST registration requires atleast 20 lakh turnover. So, I think your friend is just lucky to use his dad's business to get GST free stuff by showing that the device bought was required to create the end product even if it wasn't. Yeah I guess so. I mean he bought stuff for personal use- A camera, a drone, and the new iPhone 11 Pro lol. But in this case, if its not adding to the end product of the business, sure the guy is lucky but isnt this a form of avoiding paying tax on something that should have been taxed? Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted December 24, 2019 Report Share Posted December 24, 2019 18 minutes ago, Chirag2001 said: Thanks a lot for the explanation. That clears it up quite well. Its good that GST is here to avoid the multiple taxation problem then Yeah I guess so. I mean he bought stuff for personal use- A camera, a drone, and the new iPhone 11 Pro lol. But in this case, if its not adding to the end product of the business, sure the guy is lucky but isnt this a form of avoiding paying tax on something that should have been taxed? Well, that's upto how thoroughly the tax authorities audit the details. There is only so much you can do. Plus this is credit, you don't get this discount upfront. So govt. earns a bit through the interest via their investments. It's a complicated game and that's where CAs come in. Quote Link to comment Share on other sites More sharing options...
santanu18 Posted December 24, 2019 Report Share Posted December 24, 2019 Fossils Men's and Women's Watches from ₹2098 Extra 40% Off on using CC/DC Grab fast before all goes oos Quote Link to comment Share on other sites More sharing options...
codwapeace Posted December 24, 2019 Report Share Posted December 24, 2019 (edited) 4 hours ago, AtheK said: Thanks man, do these guys charge in INR or USD Sent from my HD1911 using Tapatalk USD. Be careful. There have been some bannings related to Brazilian codes on non Brazil accounts. Edited December 24, 2019 by codwapeace Quote Link to comment Share on other sites More sharing options...
Bhpian Bali Posted December 25, 2019 Report Share Posted December 25, 2019 7 hours ago, Chirag2001 said: Thanks a lot for the explanation. That clears it up quite well. Its good that GST is here to avoid the multiple taxation problem then Yeah I guess so. I mean he bought stuff for personal use- A camera, a drone, and the new iPhone 11 Pro lol. But in this case, if its not adding to the end product of the business, sure the guy is lucky but isnt this a form of avoiding paying tax on something that should have been taxed? My accountant doesn't allow me to claim credit even on items that are being used purely for Business like cellphones, printer laptop cuz in business taking input credit is not the end and whatever input credit claimed by you has to be paid by an END customer. All business deal with a certain products having a HSN code. If there are too many items being frequently bought outside your regular HSN purchase it will surely come to the notice of the dept. Like I deal with products that fall in hsn 7303, 7307, 8481. If I regularly purchase products outside this and if the govt is tracking my sale purchase using HSN then such activities will attract scrutiny. 1 Quote Link to comment Share on other sites More sharing options...
eddy4823 Posted December 25, 2019 Report Share Posted December 25, 2019 2 hours ago, Bhpian Bali said: My accountant doesn't allow me to claim credit even on items that are being used purely for Business like cellphones, printer laptop cuz in business taking input credit is not the end and whatever input credit claimed by you has to be paid by an END customer. All business deal with a certain products having a HSN code. If there are too many items being frequently bought outside your regular HSN purchase it will surely come to the notice of the dept. Like I deal with products that fall in hsn 7303, 7307, 8481. If I regularly purchase products outside this and if the govt is tracking my sale purchase using HSN then such activities will attract scrutiny. wrong. Laptops, Mobiles can be claimed as GST input. Cars and construction material can't be claimed. (Construction material can be claimed if you deal in construction products). Make sure your mobile ain't too costly. You can't show a 1lac iPhone and claim GST. As long as you can prove that THAT particular commodity is useful for your business, you can claim GST. Either use GST input credit, or show them as expenses. Like sometimes I show my lunch in restaurants as expenses. Quote Link to comment Share on other sites More sharing options...
AtheK Posted December 25, 2019 Report Share Posted December 25, 2019 9 hours ago, codwapeace said: USD. Be careful. There have been some bannings related to Brazilian codes on non Brazil accounts. Ah ok, let me wait to get a better deal then so loss is less. Quote Link to comment Share on other sites More sharing options...
North Posted December 25, 2019 Report Share Posted December 25, 2019 1 hour ago, eddy4823 said: Like sometimes I show my lunch in restaurants as expenses. I'd be happy to do even that lol. but yes, I get the point. Plus Id rather be honest and upfront about this. If my friend ever gets into trouble I'll put it up here lmao. Side Note- He changes cars every month or two. He went from a Fortuner in August, to an Endeavour, an Isuzu Pick-up truck, a Gypsy, and a now a Hyundai Venue. The whole affair smells fishy to me now lmao. But if somebody asks him, he just says Im rich and his dad is into cars lol. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted December 25, 2019 Report Share Posted December 25, 2019 4 hours ago, Bhpian Bali said: My accountant doesn't allow me to claim credit even on items that are being used purely for Business like cellphones, printer laptop cuz in business taking input credit is not the end and whatever input credit claimed by you has to be paid by an END customer. All business deal with a certain products having a HSN code. If there are too many items being frequently bought outside your regular HSN purchase it will surely come to the notice of the dept. Like I deal with products that fall in hsn 7303, 7307, 8481. If I regularly purchase products outside this and if the govt is tracking my sale purchase using HSN then such activities will attract scrutiny. Businesses anyway transfer GST to end customer. If you don't take tax credit, the same tax is carried over more than once to that customer. I mean, tax credit was one of the reasons that prices of many services went down. And you can easily claim credit for the devices you mentioned. Lol, companies take credit for 2-3 Lakh MacBook Pros even if they are overkill because the status is necessary for the business. You just have to justify if the scrutiny comes up, so even though drones and cameras might be difficult to explain. Laptops, printers, mobiles are easy but need to have enough turnover to justify that 2-3 Lakh high end devices. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted December 25, 2019 Report Share Posted December 25, 2019 3 minutes ago, Chirag2001 said: I'd be happy to do even that lol. but yes, I get the point. Plus Id rather be honest and upfront about this. If my friend ever gets into trouble I'll put it up here lmao. Side Note- He changes cars every month or two. He went from a Fortuner in August, to an Endeavour, an Isuzu Pick-up truck, a Gypsy, and a now a Hyundai Venue. The whole affair smells fishy to me now lmao. But if somebody asks him, he just says Im rich and his dad is into cars lol. I don't think he is getting tax credit on those cars. In this case, he is just rich and his dad in into cars. Quote Link to comment Share on other sites More sharing options...
North Posted December 25, 2019 Report Share Posted December 25, 2019 4 hours ago, Bhpian Bali said: My accountant doesn't allow me to claim credit even on items that are being used purely for Business like cellphones, printer laptop cuz in business taking input credit is not the end and whatever input credit claimed by you has to be paid by an END customer. All business deal with a certain products having a HSN code. If there are too many items being frequently bought outside your regular HSN purchase it will surely come to the notice of the dept. Like I deal with products that fall in hsn 7303, 7307, 8481. If I regularly purchase products outside this and if the govt is tracking my sale purchase using HSN then such activities will attract scrutiny. Dont know many business people irl, it was a good idea to put it here, thanks for the input Quote Link to comment Share on other sites More sharing options...
eddy4823 Posted December 25, 2019 Report Share Posted December 25, 2019 You can't claim GST on Cars even though you buy it on your firm name. You can show them under fixed assets. Quote Link to comment Share on other sites More sharing options...
Bhpian Bali Posted December 25, 2019 Report Share Posted December 25, 2019 8 hours ago, eddy4823 said: wrong. Laptops, Mobiles can be claimed as GST input. Cars and construction material can't be claimed. (Construction material can be claimed if you deal in construction products). Make sure your mobile ain't too costly. You can't show a 1lac iPhone and claim GST. As long as you can prove that THAT particular commodity is useful for your business, you can claim GST. Either use GST input credit, or show them as expenses. Like sometimes I show my lunch in restaurants as expenses. My accountant is not an expert doesnt know sh*t but i cant argue with him as he is the one who will upload the return. I anyway dont wanna take a chance for few thousand bucks as i am in any case charging depreciation on those items. and yes i have read articles on how items meant for running a business can be shown as expenses and one can claim gst credit. but i aint buying very expensive items anyway. got a scrutiny letter just because a supplier inorder to meet targets billed us in july. deposited gst and didnt bother to inform us and we did not take it into account thereby causing an ewaybill and gst return mismatch. Quote Link to comment Share on other sites More sharing options...
eddy4823 Posted December 25, 2019 Report Share Posted December 25, 2019 5 hours ago, Bhpian Bali said: a supplier inorder to meet targets billed us in july. deposited gst and didnt bother to inform us. Lmao. what a douchebag. Causing trouble to his own client. I recently bought a laptop worth 52k which had cashback of 5.2k as some HDFC promotion. I claimed GST on 52k but paid 52-5.2 = 46.8k. Even we don't claim anything false. Better safe then sorry. False claims lead to penalty WITH interest on the amount you falsely claimed. 1 Quote Link to comment Share on other sites More sharing options...
Popular Post Aftrunner Posted December 25, 2019 Popular Post Report Share Posted December 25, 2019 As ..... thrilling as this 2 page discussion on Indian taxation system is, could you guys take it to the Ask the experts thread? Keep this thread for deals. 7 1 5 Quote Link to comment Share on other sites More sharing options...
santanu18 Posted December 27, 2019 Report Share Posted December 27, 2019 Fitbit Inspire upto 60% Off from ₹2799 All time lowest Quote Link to comment Share on other sites More sharing options...
santanu18 Posted December 29, 2019 Report Share Posted December 29, 2019 Western Digital My Passport Go 500GB Black w/Amber Trim 69% Off ₹4499 Quote Link to comment Share on other sites More sharing options...
GunnerY2J Posted December 30, 2019 Report Share Posted December 30, 2019 Liviya still good for this price ?Sent from my ASUS_X01BDA using Tapatalk Quote Link to comment Share on other sites More sharing options...
Bhpian Bali Posted January 1, 2020 Report Share Posted January 1, 2020 On 12/26/2019 at 1:49 AM, Aftrunner said: As ..... thrilling as this 2 page discussion on Indian taxation system is, could you guys take it to the Ask the experts thread? Keep this thread for deals. The discussion was for Indian Tax noobs. ? 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.