Regarding Gst liability
This query is : Resolved
27 July 2022
Mr X is running coaching institute his turnover is 7 lakh p.a. but he not charging any Gst as he is unregistered person.All payment will be recived in bank account.
Now he is planning to start online clothing business (in addition to current business) and take GSTN for doing clothing business.
Now he is doing a turnover of Rs 12lac by selling clothes.
So as he is now registered under gst what will his tax liability?
On Rs 12 lac only or
On 19lac (on total turnover from registered and unregistered business i.e 12+7)
Now he is planning to start online clothing business (in addition to current business) and take GSTN for doing clothing business.
Now he is doing a turnover of Rs 12lac by selling clothes.
So as he is now registered under gst what will his tax liability?
On Rs 12 lac only or
On 19lac (on total turnover from registered and unregistered business i.e 12+7)
27 July 2022
GST applicable on 19 lavs.
27 July 2022
GST will apply on 19 lacs and both the businesses will be covered under GST now,
27 July 2022
It's it good suggestion for Mr X to form partnership firm for this clothing business and take GST in the name of firm instead of individual name?
Or will it out more tax burden.
Or will it out more tax burden.
27 July 2022
Yes, form partnership as you proposed.
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