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KOHIMA — A workshop on goods and services tax (GST) was held at Ura Hotel in Kohima on Monday, enlightening professionals engaged in event management, media, wedding planning, and photography on the implications of GST in their respective businesses.
The workshop was jointly conducted by the Central GST Commissionerate, Dimapur, in collaboration with the department of Industries and Commerce and R Abraham and Associates and NAGABOTS Incubation Centre.
Sashi Wapang, additional commissioner of Central GST Dimapur, and chartered accountant Rohan Abraham clarified on the occasion that services provided by event managers, wedding planners, or photographers are subject to an 18% GST rate if their annual business turnover exceeds the INR 10 lakh threshold.
[bsa_pro_ad_space id=1]Therefore, businesses surpassing this turnover limit are obligated to register under GST, levy GST on their services, and remit the collected taxes to the government every month while filing GST returns.
In addition to addressing various GST-related issues, Wapang shed light on the responsibilities of media and entertainment industry professionals and wedding planners concerning GST.
He emphasised that the Naga people are exempt from paying income tax in Nagaland. However, those who work outside of the state must pay income taxes, and added that despite the exemption, Nagas should still fulfil their tax obligations.
The discussions encompassed the Indian tax system, distinguishing between direct and indirect taxes. The official also delved into products, differentiating between tax-exempt items such as fruits and taxable items like sugar and milk.
Participants were encouraged to register for GST and contribute to the economy of Nagaland, and Wapang clarified that GST rates are determined by political decisions made at GST Council meetings.
[bsa_pro_ad_space id=1]In addition, Abraham elaborated on sales, revenue, and profit and underscored the necessity of filing income tax returns despite the exemption granted to Nagas.
He stressed the importance of maintaining a transaction record for their services, noting that GST applies to every transaction throughout the year, and he provided comprehensive guidance on GST registration and the subsequent responsibilities that ensue, emphasising that GST is a contribution to the nation.
Earlier, Keneirienuo Theunuo, deputy director of Industries and Commerce, in her welcome note, informed the audience that the workshop in Kohima followed a similar programme held in Dimapur.
The workshop concluded with an interactive session.