Regarding Gst liability
This query is : Resolved
27 July 2022
Mr X is running coaching institute his turnover is 7 lakh p.a. but he not charging any Gst as he is unregistered person.All payment will be recived in bank account.
Now he is planning to start online clothing business (in addition to current business) and take GSTN for doing clothing business.
Now he is doing a turnover of Rs 12lac by selling clothes.
So as he is now registered under gst what will his tax liability?
On Rs 12 lac only or
On 19lac (on total turnover from registered and unregistered business i.e 12+7)
Now he is planning to start online clothing business (in addition to current business) and take GSTN for doing clothing business.
Now he is doing a turnover of Rs 12lac by selling clothes.
So as he is now registered under gst what will his tax liability?
On Rs 12 lac only or
On 19lac (on total turnover from registered and unregistered business i.e 12+7)
27 July 2022
GST applicable on 19 lavs.
27 July 2022
GST will apply on 19 lacs and both the businesses will be covered under GST now,
27 July 2022
It's it good suggestion for Mr X to form partnership firm for this clothing business and take GST in the name of firm instead of individual name?
Or will it out more tax burden.
Or will it out more tax burden.
27 July 2022
Yes, form partnership as you proposed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
