9911796707
TMI BlogService-tax-liability for proprietor-of-1-regd-business started 2nd-unregd. businessX X X X Extracts X X X X X X X X Extracts X X X X ..... As a proprietor my friend has a business registered in Service Tax. The Registration uses a Commercial Name-1 instead of personal name. His turnover was greatly reduced to less than 1 lac in FY 2016-17 In January'2017 he started providing services in a different field but with a different Commercial Name-2. Also premises/ address is different. Clients are also different for both business Name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1 Name-2 in FY 2016-17 The turnover of Business Name-2 was less than 5 lacs. Is he liable to pay Service tax for Business Name-2 ? He has not charged Service. Tax. from his clients If he has to pay Service Tax than his income will be reduced by 15% ST + Penalty + Interest There is no confusion that he will file personal Income Tax return by adding all incomes of Business Name-1 2 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from all other sources. Kindly quickly give advise because only 2 days are remaining to file personal income tax - Reply By Raghunath Gadre - The Reply = If total income under single PAN number is exceeding the taxable limits U have no option but to pay tax As far as GST is concern he may not opt for registration till he cross the limit of ₹ 20 lac turnover in financial year - Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... By Rajiv agr - The Reply = Shri Garde thanks. The question is Pre-GST and for service tax specific to scenario, whether my proprietor friend is liable to pay service tax for Business Name-2 that is not registered with Service Tax - Reply By KASTURI SETHI - The Reply = We are talking about pre-GST era. Turnover of all will be clubbed . Still you remain below ten lakhs. No ST liability. If ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no liability, no interest and no penalty is payable. If your turnover of all units crosses 10 lakhs during the preceding year i.e. 2016-17, then in 2017-18 you will not be eligible for threshold exemption of 10 lakhs. In the year 2017-18, you will start paying ST from the day one i.e. Re one. From 1.7.17, scenario is entirely different. - Reply By Rajiv agr - The Reply = Thanks K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asturi Ji Point of clubbing turnover is understood if there is no service tax registration However Doubt remains on treatment when Business Name-1 is registered with Service Tax and Business Name-2 is not registered with service tax As per rules, once registered with S.T., irrespective of turnover in future years, Business Name-1 has to collect ST from customers Pay to Govt / S.T. ... ... ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but due to clubbing of turnover will unregistered Business Name-2 will also have liability to pay Service Tax? - Reply By KASTURI SETHI - The Reply = Answer to query is yes. - Service-tax-liability for proprietor-of-1-regd-business started 2nd-unregd. business - Query Started By: - Rajiv agr Dated:- 28-7-2017 Service Tax - Got 5 Replies - Service Tax - Discussion Forum - Knowledge Sharing, r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
