GST and its effects on the business of translation
Ever since The Goods and Services Tax has been introduced by the Modi government in July 2017 as a landmark economic reform, quite a few clients sought my GST Identification Number called GSTIN in short. Realizing the importance of bringing myself under GST, I finally had my registration done with the help of a CA. Based on the discussions with some clients, I am presenting my views on how GST will affect the translation business and why it is necessary for a freelance translator in India to get enrolled for the same. GST is a kind of loop created in such a way that the unregistered party will lose certain amount of profit (based on whatever is the percentage of GST is) in the transaction for which GST applies. One of the clients had register both his companies (local and exports) for same reasons. Although his turnover was less, all the local clients asked him to register. Moreover, several vendors, especially those having private limited companies, will be billing with GST. Hence, ...