G
Gaurav
I am paying tax on inputs (Rs. 100 cost) which are taxed at 5% (Rs. 5). I also avail some services on the same product (Rs.100 cost) which are taxed at 18% (Rs. 18). Now I sell the product for Rs.300 which is taxed at 5% (Rs. 15). Am I eligible for GST refund in this case of Rs.8 or not?
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Dear Sir,
According to my view, you are definitely eligible for tax credit. Input means input on goods and services both and we can utilize multiple inputs of goods and expenses as well for offsetting the liability arising from that goods.
I hope it is clear. For more details call at 7667559772, ca.jkagarwal2011@gmail.com
S
Sarita Jaiswal
If i show car rental income in income from other sources in itr-1 then can i claim depreciation on it
no you can not claim depreciation on it untill you show it as a business income.
CA RAHUL SINGHAL
9910550324
Hi, you can claim depreciation only on business assets. For further clarifications, please connect at 7045760379
CA Jaya Agarwal 22 Sep 2020Dear Sir,
If income from car rental is your routine course of business, then you can show it in ITR-3 as business income and avail depreciation.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
A
Amrinder Kaur
Creating invoice without GST registration
Hi, it can be done if you are below threshold limit as prescribed. Please call on 7045760379 for further clarification
CA Rahul Singhal 21 Sep 2020YOU CAN NOT ISSUE TAX INVOICE UNTILL YOU HAVE A VALID GST REGISTRATION NUMBER .
you can issue bill of supply without gst registration untill you don't cross the threshold limit for gst registration after that you have to take a gst registration.
CA Rahul Singhal
9910550324
Dear Sir,
You can issue invoices without registration only when it is Intra-state supply of goods or services AND within limit of 20Lacs. It means for Inter-state supply you have to definitely take registration even billing of Rs. 10.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
R
Raghu
As a proprietor can I open chain of stores? Or is it limited to only one store?
Hi, there is no restriction as such. Please contact on 7045760379 for any further clarifications
CA Rahul Singhal 21 Sep 2020yes you can open any number of stores and for further clarification
contact me at
CA Rahul Singhal
9910550324
Dear Sir,
Chain of stores can only be open with same Trade name. If one store is running from different trade name and another is different, then you even can't get GST registration for all trade names.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
R
Raghu
Is it possible to have Multiple wings under single proprietary firm xyz? Eg, Xyz mart, Xyz sweets
Yes, you can open. GST threshold will be as per the total turnover and if there are different lines of business, you will have to may obtain GSTIN for each line of business. For any further clarification, please contact on 7045760379
CA Jaya Agarwal 22 Sep 2020Dear Sir,
You can run multiple wings in same trade name only whether it is name of firm or individual. Gst registration can be allotted to individual for one or more businesses and can mention this GST no. for multiple businesses in same trade name.
For more details call at 7667559772, ca.jkagarwal2011@gmail.com
