Hello everyone,
i was a shareholder in pvt ltd in which, we were in a business of buying and selling of second hand vehicle. our main source of procurement was from bank(loan default vehicle auctioned by bank) and direct purchase from sellers.
We are winding up our business as my partners family is moving abroad.
now plz suggest if our sales(reciept was roughly 3 crores) and margin(net profit was around 17 lakh approx).
1) do i need gst number for partnership ( other partner being my wife)
2) what gst compliance i need?
3) if opt for pvt ltd or llp is it compulsory to get gst?
thank you in advance
1)Yes, registration is required because of turnover
2) you have to file all returns.
3) For LLP , PVT LTD co , registration is required because of turnover.
For second hand Vechile you have to pay GST on margin ( Sale-purchase) .
CAclubindia
