Hello,
I have a partnership firm, I m a wholesale trader of Agri commodities and in my GST that business is already registered, Now I start a parallel business with the same registered firm and the business is Flat House, Land, Agriculture land purchase, and sale of 2-4 months quotation on agreement and registry basis. So my question is can I add this business or trade activity to my GST registration and treat this profit and loss as business profit and loss. If this is possible then please provide a case study of the same with act/sec. details in which I can do this business, as my CA is denied this that this activity and trading is only treated as capital gain and loss, not business profit and loss. I want to treat the same as business profit and loss whatever tax rate is 30% + cess either LTG and STG tax are lower than business profit tax rate.
Thanks
CAclubindia
