Tag Archives: #HotelTaxFiling

Can restaurants and hotels claim input tax credit (ITC) under the GST regime for ITR filing?

Input Tax Credit (ITC) The answer is not always. Restaurants and hotels can claim input tax credit (ITC) under the GST regime for ITR filing if they registered under GST and charge 18% GST on their food and beverage services. However, restaurants and hotels that charge 5% GST on their food and beverage services cannot… Read More »

Are there any specific ITR forms for restaurants and hotels, or do they use standard forms?

Tax Implications for Artists

Specific ITR Forms for Restaurants   There are no specific ITR forms for restaurants and hotels. However, there are some specific schedules that they may need to complete, such as Schedule C for sole proprietorships or Schedule E for partnerships and S corporations. These schedules provide additional information about the business’s income and expenses. In… Read More »