Understanding GST Registration for you is essential if you are running or planning to launch a Photography & Videography business. As a service provider, GST is applicable to your business once your annual turnover exceeds a certain limit or if you are providing services interstate.
Why have GST Registration for Photography and Videography Business?
Obtaining GST Registration allows your photography and videography business to avail of benefits like Input Tax Credits, a simple taxation system and streamlined tax payments.
How to get GST Registration for Photography and Videography Business?
You need to visit the GST portal and provide your company information, PAN, Aadhaar, and bank account information.
Then you will need to submit an application for getting a GSTIN issued for your business. This GSTIN is required for filing both monthly and yearly filings.
Understanding GST Return Filing for Photography and Videography Business
Understanding Monthly Return GSTR-3B
After having GST Registration for your business, you will need to file a monthly GST Return which is known as GSTR-3B. Filing GST Return 3B summarises the total sales and ITC Claims along with monthly tax payments.
Understanding GSTR-1
GSTR-1 is a return that contains information on all outbound supplies made during a month or quarter. As a photographer or a filmmaker, you must give this information to avoid errors in tax filing.
Annual GST Returns
In addition to monthly filings, companies must file an annual GST return. This return consolidates the whole fiscal year’s data and gives a comprehensive snapshot of your GST transactions, assuring complete compliance.
Proper GST registration and filing GSTR-1, GSTR-3B, and Annual GST Returns are essential for effectively handling taxes in your photography or videography business. It is best to get expert advice on the types of GST Returns that you might need to do after getting GST Registration for your business.
Learn More: GSTR 3B Return Filing- What is GSTR 3B? and How to file?
What is the GST rate on photography and videography services?
The current GST rate for photography and videography services is 18 percent. This also covers wedding shots, corporate photography, and event videography.
Can I claim the Input Tax Credit (ITC) for photographic equipment purchases?
Yes, once you’ve got GST Registration, you may claim ITC on items like cameras, lenses, and other photography-related equipment, as long as they’re utilised for business.
Is GST required for small photography businesses?
GST registration is required if yearly turnover exceeds ₹20 lakhs (₹10 lakhs in special category states). Even if your turnover is minimal, you can get voluntary GST Registration to avail its benefits.
In addition, if you need anymore guidance related to GST Registration and GST Return Filing, you can talk to the GST Experts at: 8881-069-069
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