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Gst or vat

rakesh (student) (457 Points)

18 March 2017

Hi , one of my friend from Telangana formed a partnership firm 4yrs back under partnership act but does not do business at all but now he wants to start dealer business in goods under same firm name. Can he continue under same firm name if yes whether he needs to register under vat or gst.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180927 Points)
Replied 19 March 2017

"but does not do business at all but now he wants to start dealer business in goods under same firm name." Yes, but he will have to regularize the firm, by at least filing earlier returns, may penalty be levied.

"if yes whether he needs to register under vat or gst." If turn over doesn't exceed threshold limit by June 2017, can directly register under GST.

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rakesh (student) (457 Points)
Replied 20 March 2017

How much would be the penalty and returns with nil income can be filed for all 4 yrs at a time.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180927 Points)
Replied 20 March 2017

To levy any penalty and its amount is at the discreation of Jurisdictional AO. You may just file the last two years 'NIL' belated returns. (AY 2015-16 & 201617).