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profit under incme tax

Ravi Khemani (70 Points)

24 August 2017

how much profit is mandatory aftr audit

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185230 Points)
Replied 24 August 2017

As such no rule, but compared with the normal trend prevailing in the industry/business, along with earlier year's performance/declaration.....

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RAMESH D MODI (Proprietor) (4869 Points)
Replied 24 August 2017

yes
also not much difference with your previous year G.P.

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 24 August 2017

Dear Dhirajlal Rambhia Sir.,
After GST what is the effect of profit if it's higher than PY...

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185230 Points)
Replied 24 August 2017

Actually everything is re-suffling due to GST effect....... secondly new trend is not very clear (e.g. cess increased over cars, transporters are loosing business for short term,textile industries reeling under tax regime, overall burden over traders of various return/forms compliance etc. etc......). So for this fiscal overall effect seems to be negative.

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 24 August 2017

Thank you for the reply SIR...

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185230 Points)
Replied 24 August 2017

U R welcome....

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 25 August 2017

Dear Dhirajlal Rambhia Sir.,

A dealer doing Glass trading and Design works. He will start new business like mobile phone Trading in additional place of business.

Can I add the business details it an existing GSTN or New One (Vertical). Also can I/He can purchase mobile phone for that GSTIN....? Bcoz, HSN is different from Glass to Mobile. Or first add new business after dealing Business...?
Which is correct and Which one we follow...?
Please reply Sir...

(I'm also sorry for the asking questions in this forum. Bcoz, I can't contact any other way... So, sorry...)

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185230 Points)
Replied 25 August 2017

No question of apology, Dear.......... you are allowed to ask to anyone in open...

Here, it depends upon the number of transactions of new business..... and on the policy adopted by the owner.

Practically....... both ways are open........ Firstly.... One PAN...... one GSTIN per state........ for any number of HSN codes......

But practically difficult to manage accounts when transactions are more in each........... in that case add business vertical........

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 25 August 2017

Thank you for the Reply Sir.,
In case we ll register in vertical then What can I do...?
It means I can add the details in Amendment section or Do it new registration using the PAN...?

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 25 August 2017

Dear Sir.,In case we are going to conduct vertically in 2nd business.

Then What can I do...?

It means, I add the 2nd business details in exsiting GSTIN as amendment or Register new one for using the PAN...?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (185230 Points)
Replied 25 August 2017

Separate registration for multiple business verticals within a State or a Union territory

Any person having multiple business verticals within a State or a Union territory, requiring a separate registration for any of its business verticals under sub-section (2) of section 25 shall be granted separate registration in respect of each of the verticals subject to the following conditions:
1. Such person has more than one business vertical as defined in clause (18) of section 2 ;
2. No business vertical of a taxable person shall be granted registration to pay tax under section 10 if any one of the other business verticals of the same person is paying tax under section 9.
  Explanation.- Where any business vertical of a registered person that has been granted a separate registration becomes ineligible to pay tax under section 10, all other business verticals of the said person shall become ineligible to pay tax under the said section.
3. All separately registered business verticals of such person shall pay tax under the Act on supply of goods or services or both made to another registered business vertical of such person and issue a tax invoice for such supply.
A registered person eligible to obtain separate registration for business verticals may submit a separate application in FORM GST REG-01 in respect of each such vertical.
The provisions of rule 2 and rule 3 relating to verification and grant of registration shall, mutatis mutandis, apply to an application submitted under this rule.

Courtesy: Indiafilings.com

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