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.
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 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.
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.)
(177741 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).
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
