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Related to tin number

Rakesh (Others) (147 Points)

06 November 2014

RESPECTED EXPERTS ,

I am a hay trader ( used for cow feeding in hindi bhusa ) . I am in contract with one farmer . I purchased his agriculture raw material used for cow and bufflow feeding and sell to dairy firm . Till now i have sold out more than 5 lacs rupees feeding material and still i have the feeding material to sell . Will i have to apply for TIN number this year ? or from next year if i continue this business ? please reply

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8 Replies

CA Santosh Kumar Eligeti (Partner) (151 Points)
Replied 07 November 2014

Dear Rakesh,

Kindly mention in which state you are doing business. In some states Cattle feed or hay or grass are exempted from Commercial taxes.

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Rakesh (Others) (147 Points)
Replied 07 November 2014

sir i am from MP ...

CA Santosh Kumar Eligeti (Partner) (151 Points)
Replied 08 November 2014

Under Section 12 of MP Sales tax act, Cattle feed is exempted from Sales tax. So you are not liable to take registration under Sales tax only if you should wholly deal with Exempted goods.

Any dealer not liable to pay sales tax but who does not deal exclusively in exempted goods can apply for voluntarily registration under the sales tax.

Your liability under sales tax depends on the typre of commodity you are dealing with and not on the Turnover.

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Rakesh (Others) (147 Points)
Replied 08 November 2014

Sir please provide that list .I searched alot but i din't find out .

CA Santosh Kumar Eligeti (Partner) (151 Points)
Replied 08 November 2014

Hope you find schedules in the following link..

www.allindiavat.com/data/schedules/schedules-madhya-pradesh.xls

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Rakesh (Others) (147 Points)
Replied 08 November 2014

Sir , i have gone through the given excel file , in which i have seen this statement under shedule 1 section 16 Tax free goods S.No 3 ...

"" Aquatic feed, poultry feed and cattle feed including feed supplements, concentrates and additives, grass, hay, straw, de-oiled cake including soyameal,cotton seed oil cake, mustard oil cake and Makka Khali ""

i only engaged in a Straw ( wheat ) trading business . It means I will not have to worry about TIN No , I will not have to think about sales tax , i will have to think about income tax ???