Dear Sir/Mam
Could you please let me know whether i can do business of wood(timber) and Cement on one firm means one gstin ?
Or do i need separate gstin for both the business ?
5 Replies
Harsh Khemchandani
(126 Points)
Replied 08 August 2021
U can take separate if u r having more than 1 business place otherwise u can also have 1 for both businesses
arsh khan
(140 Points)
Replied 08 August 2021
But sir how do i manage itc on separate items. If a purchase cement and claim itc, can i use it in adjusting it for selling wood ?
Harsh Khemchandani
(126 Points)
Replied 08 August 2021
Itc is taken on total basis(eligible) not item wise.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5179 Points)
Replied 08 August 2021
Since GST is charged on both goods and services, input credit can be availed on both goods and services (except those which are on the exempted/negative list). Input tax credit is allowed on capital goods. Input tax is not allowed for goods and services for personal
arsh khan
(140 Points)
Replied 09 August 2021
What if gst rate on cement is 28% and on timber is 18% ?
would this difference effect on claiming itc on both the items simultaneously and offsetting in tax liability accordingly ?
would this difference effect on claiming itc on both the items simultaneously and offsetting in tax liability accordingly ?
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