profit under incme tax

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

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

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

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.

Thank you for the reply SIR...

U R welcome....

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...)

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........ 

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...?

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...?

 

Register new.......

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

1. 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.
2. 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.
3. 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

Thank You once again Sir.,

 

If A person dealing two business as Vertical then He can use his ITC one business to another Business. I think it's not available...

Am I Right or Wrong Sir...?

You are exectly correct.......... Interchange of ITC not available between different business verticals.......

Thank you for the reply Sir.,

 

 

 

And one more...

If you don't mind...

I want you suggestion and Correction also your criticize for the following article. It's myself... Please

 

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