I got a job offer of 21 LPA (current 14.5 LPA) from US based company. They will pay me as an independent consultant i.e., no corporate legalities, no PF, no TDS, no ITR. Direct payment.
As per existing employee, I need to register a company with GST and would be paid on that in INR without any deduction. (will consult a CA obviously)
I need suggestion if I should move ahead with that or not as it will be 5 day a week (from office) at Powai Mumbai.
Is it a Risk?
Currently an IT BA with 4.5 yoe. Working with one of Indian IT Giant.
Setting up a company has huge compliance overheads. You definitely need to ask for more. Secondly, your income will not be tax free - first your company will have to pay GST on services and then have to pay your TDS See if you can cook any other enumeration structure with your CA. But long story short, you are definitely looking at atleast 4-5 lakhs as tax and compliance overheads overall out of your 21lpa 'package'.
Benefits- you'll get to claim GST input credit in all your and you're friends/relatives purchases gping forward :)
If it involves moving to a different city altogether, then think more about it. Worst case scenario, they might shut shop anytime and you wouldn't be paid. If it's in the city you live, then I guess the risk wouldn't be much.
Also check how future opportunities will consider this gig. Will it be considered like an employment gap or work experience? Check with a HR
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