Applicability of GST in other business income

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This query is : Resolved

Quick Summary

This discussion clarifies how to declare income from multiple businesses for Income Tax purposes. While you can report sales and profits from both a registered trading business and an unregistered cloth trading business separately on your Income Tax return, it's crucial to include the cloth trading turnover in your GST return and pay the applicable taxes. Failing to do so may result in a notice from the GST authorities.

Ramtarak Shaw

Ramtarak Shaw (Querist)

10 March 2022 I have two business 1- trading of school bag which gst registration taken
and other is trading of cloth which no gst reg not taken..

shall i show both business sale /profit in Income tax??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

10 March 2022 Show both sale and profit in income tax.
Include cloth trading turnover in GST return and pay taxes.
No need for separate GST registration for clothes business.

Ramtarak Shaw

Ramtarak Shaw (Querist)

10 March 2022 Sir,
As i have only un-registered sale and purchase in cloth business , so i don't want add the same business in GST and pay taxes. wanted to show separately in income tax. it is possible????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

10 March 2022 Yes, possible but you will receive notice from GST.

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