If you are earning from Twitter, now you will have to pay 18% GST. - Newztezz Online


Sunday, August 13, 2023

If you are earning from Twitter, now you will have to pay 18% GST.

If you are an influencer or create content, and now you are earning from Twitter as well. Then you will have to pay 18 percent GST on it. Know what this rule says...

Elon Musk, the new owner of the social media company Twitter (now X), has launched several new services to increase engagement on the platform. At the same time, an income plan has also been made for those who generate content. The company has created an 'Ad Revenue Sharing Plan' for users to share in the revenue from advertising. But now users will have to pay 18 percent GST on the income generated in this way.

Tax experts say that under the GST law, income from 'Ad Revenue Sharing Plan' will be considered as 'supply' from abroad. Therefore, on encashing it, users will have to pay tax at the rate of 18 percent.

Income from these sources will also be taxed

Not only this, if a person's income from rental, interest on fixed deposits of banks or other professional services reaches above Rs 20 lakh in a year, then it will be taxed. Experts say that the income of Rs 20 lakh from the services of a person will include those sources which have been kept out of the purview of GST. At the same time, GST will not be levied on the income which is exempted.

At present, individuals and units have to get GST registration done on income from services within the country of Rs 20 lakh or more in a year. For states like Mizoram, Meghalaya and Manipur, this limit is Rs 10 lakh.

In this regard, Rajat Mohan, Senior Partner, AMRG & Associates says that suppose if a person earns interest income of Rs 20 lakh annually from banks. He neither pays any GST on this nor has he got GST registration done. Now if the same person earns Rs 1 lakh from a platform like Twitter, then he will have to pay 18 percent GST as soon as he crosses the limit of Rs 20 lakh.

This is how income from Twitter will be

Recently Twitter (X) has introduced 'Ad Revenue Sharing Plan' for its premium customers and verified organizations. To earn this way from Twitter, the number of followers of a person should be at least 500 and there should be 15 million impressions on the post of three months.

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