ICMAI’s Tax Research Department Releases Handbook on “GST on Service Sector” – Banking, Insurance, Hotel, Utility, Transport and Tourism

By: Admin
June 11, 2024
Categories: GST Law|ICMAI|Important News
4 Min Read

The Tax Research Department of ICMAI (Institute of Cost Accountants of India) has released the on “GST on Service Sector” – Banking, Insurance, Hotel, Utility, Transport and Tourism – March, 2024 edition.

Publication Announcement: The Tax Research Department of the Institute is publishing a handbook titled “GST on Service Sector” to provide comprehensive insights on GST as it applies to services.
Destination-Based Tax: GST is levied where services are consumed rather than produced, reflecting a destination-based tax system, essential for understanding service taxation’s complexities.
Registration Thresholds: As of 2023, businesses must register for GST if their annual turnover exceeds Rs. 20.00 Lakh for services and Rs. 40.00 Lakh for goods, with voluntary registration available below these thresholds for benefits like Input Tax Credit.
Industry-Specific Challenges: The handbook acknowledges the complexity of implementing GST in the service sector due to the diversity of services and aims to address industry-specific challenges and benefits, such as eliminating double taxation and offering clarity on specific industries.
Commendation and Support: The publication is a commendable initiative, with special thanks to the Indirect Taxation Committee and Resource Pools for their contributions, wishing the handbook’s release every success.
The Complete Handbook can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/Handbook_on_%E2%80