Event Management means planning, organizing, hosting, promoting, conducting any kind of services such as festivals, conferences, ceremonies, weddings, formal parties, concerts, conventions and marriages, from booking the venue to organizing the party. In respect to this, the service provider would charge some kind of fees.
Event Manager is a person who handles all the activities of event management.
Under Section 22 to 25, there is a list of people who are entitled to register under the GST Regime.
Applicability of Event Management Services for Registration Under GST
Every individual person who deals either in supplying goods or services or both would be entitled to register under GST if any of the cases mentioned below is fulfilled:
- A person or company whose annual turnover is more than Rs 40 Lakh in a financial year of taxable supply of Goods or services.
- If any of the people resides from North Eastern areas such as Manipur, Arunachal Pradesh, Nagaland, Meghalaya, Assam, Tripura & Mizoram, Sikkim, Jammu & Kashmir, Himachal Pradesh & Uttarakhand and his/ her annual turnover is more than Rs 10 Lac in a financial year of taxable supply of goods or services.
Recommended: GST Impact on Wedding Services in India
18% GST Rate on Event Management Services
The 18 GST Rate is being levied by the Indian Government on the Event Management Services.
Input Tax is a tax being levied on every stage of the supply chain when you are dealing in goods & services for the business purpose. When the individual will go for filing the taxes then he is liable to claim the input tax credit that he paid earlier.
An event management company which has claimed input tax credit can utilize the same while paying tax for supplies of event management services.
Deadlines For Filing GST Return for Event Management Services
- A person who is registered under GST would be required to file the GSTR-1 (details of outward supplies) return before the 10th of each month.
- The deadline for GSTR-2 return is 15th of every month while for the GSTR-3 (monthly return) is 20 of every month.
- Compounding taxpayers will have to file the GSTR-4 for every quarter (three months) on 18th of the following month.
- All registered persons will have to file the annual GST return on or before the 31st December of the financial year.