Looking to start a new firm in pune, need some expert advice
This query is : Resolved
Raghav Gupta
(Querist)
01 August 2017
Hi
I am looking to start 2 firms in Pune. I have few inquires if some expert can help with them ill be thankful
1. My 1st firm turnover is going to be under 75 lac. But my purchase of material is from different state and my sales is locally within maharashtra can still apply for composition scheme?
2. my other firm turnover is going to start slow under 20 lac ( purchase and sale both local) and I am the partner in both the firms so will I be able to apply different GST composition schemes ?
Awaiting answers... Thanks
I am looking to start 2 firms in Pune. I have few inquires if some expert can help with them ill be thankful
1. My 1st firm turnover is going to be under 75 lac. But my purchase of material is from different state and my sales is locally within maharashtra can still apply for composition scheme?
2. my other firm turnover is going to start slow under 20 lac ( purchase and sale both local) and I am the partner in both the firms so will I be able to apply different GST composition schemes ?
Awaiting answers... Thanks
Vishakha Kejriwal.
(Expert)
02 August 2017
Two partnership firms with different PAN Nos' are different assessees under GST. As per the facts given you could be entitled to composition scheme wrt both the firms.
Raghav Gupta
(Querist)
04 August 2017
Thank you for your quick reply.. I have a follow up question:
In the new firm im going to be trading into steel. under the composition of 20-75 lac will I be able to pass on Modvat (GST) to customers if not
how will I recover the taxes i paid from my purchase?
In the new firm im going to be trading into steel. under the composition of 20-75 lac will I be able to pass on Modvat (GST) to customers if not
how will I recover the taxes i paid from my purchase?
Vishakha Kejriwal.
(Expert)
04 August 2017
Input tax becomes a cost under composition. You are not entitled to credit.
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Raghav Gupta
(Querist)
04 August 2017
Thank you for your Help. Have given you excellent rating. Are you by chance located in Pune?
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