Q1.I am going to launch an coaching business( online as well as offline) . I am thinking to register this business as sole proprietorship businesses. Please answer the following question with respect to that Question 2. will I have to take GST number for coaching business( online and offline)...My expected turnover for first year will be around hardly 4-5 lakh( combined online and offline)...please clarify this point in details...I have heard that inter state online service providers have to registers in GST irrespective of the turnover Question3 If the GST of my business crosses the 10 lakh limit( uttarakhand state) in midway then can i take gst number...and on what amount i will have to pay tax( will it be whole amount or amount excedding 10 lakh) Question3. How to register business as sole proprietorship.please tell the process of registration and documemts i need for registration....in future if I want to convert this into private limited company , can i convert the sole proprietorship into pvt limited Question 4 : How to open a cureent back account on the name of sole proprietorship...what documents do i need to open a current bank account Question 5: what dociments should I maintain for income tax return ....what information should I collect in bill book
Hi,
- As you will provide services on your own account therefore you will be liable to register for GST once you cross the threshold limit of Rs.10 lacs.
- You need to pay after exceeding 10 lacs.
- No need to register sole proprietorship.You just need individual PAN card and separate current account. Yes you can convert it into private limited company.
- All you need is PAN card and address proof.
- Maintain bill book and bank statements. Maintain record of students.
Thanks
Hi
1 n 2. No GST registration required till your turnover cross Rs. 10 lacs.
3. You don't require a separate registration. Your PAN would do. Yes, you may convert it later into a private limited company.
4. Your PAN card and address proof.
5. Proper record of receipts of fees, bills for expenses.
Hi,
Hope you are doing well !!
1 & 2. GST registration is mandatory only if your turnover crosses the limit of RS 10 lakh.
3. Only PAN is required. There is no requirement of separate registration.
Yes, you can convert the sole proprietorship into pvt limited.
Only over and above Rs 10 lakh will be taxable
4.PAN card and address proof.
5. Everything is properly documented like proper records of receipts, payments, relevant expenses etc.
Thanks & Regards,
Payal Chhajed
Dear Sir,
1. As your turnover will be expecting hardly 4-5 lakh then you will not be required to get GST registration.
The threshold limit is Rs 10 lakh.
2. No , you will not be required to get GST registration.
3. No, you will have to pay tax only after exceeding Rs 10 lakh amount.
3. Yes, you can convert the sole proprietorship into pvt limited.
4. Your PAN card and Address proof.
5. Maintain proper records of receipts, students, fees, payments, bank statements etc.
Warm Regards,
Karishma Chhajer
Hi
2.Gst registration is mandatory only if your turnover crosses threshold of 10 lacs.
3.No seperate registration required,Only individual PAN card and current account in name of business. Yes it can be converted into Pvt ltd company
4.Mainly business address proff and Pan card,rest eligibility differs from bank to bank.
5.Receipts and payment records,cash book,and other neccessary document to suport transaction in books of accounts.
hope it helps
If you are going to provide online services then you need to get registered for GST irrespective of your turnover and charge GST and since you are a proprietary concern registered with GST you would also have to charge GST on your offline income even though you have not crossed the limit.
If you take GST registration after it crosses the limit then you need to charge GST only after you are registered with GST.
You just need PAN card and Aadhar card as of now to get GST registration or current bank account in sole proprietorship name.
Yes you can convert sole proprietorship into Pvt ltd company in future.
You just need to maintain all the bills and documents to file income tax return like tuition fees receipt, electricity bill, other bills, bank statement.
If you need any further consultation you can contact me to file your income tax return.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Thanks for your answers....Almost all the C.A said that gst number is required when someone crosses the limit of 10 lakh... I have only one doubt regarding naman answer..he said that and I quote"If you are going to provide online services then you need to get registered for GST irrespective of your turnover and charge GST and since you are a proprietary concern registered with GST you would also have to charge GST on your offline income even though you have not crossed the limit." Please can someone carify this point .. Thanks in advance
I don't agree.
Registration would be required only once the turnover of 10 lacs is crossed.
Mr. Naman is thinking that you will act as an electronic commerce operator like Flipkart, Amazon, for which there is no limit for GST registration.
You will provide online services on your own account for which there is threshold limit.
Hi,
Well explained by Mr Vivek.
If you have any further doubt, please let us know
Okay so there has been an amendment after which person providing online services also needs to be registered if their total sale surpasses the 10 lakh limit. So even if you are providing online services you need to register only if the turnover is above 10 lakhs.
Hi,
Hope you are doing well !!
As per my understanding, GST registration is mandatory only if your turnover crosses the limit of RS 10 lakh.
Thanks & Regards,
Payal Chhajed
It will be beneficial for you, if you do the offline work in your name. & do online work in your wife's(Mother's) name.
Benefits-
1. No GST on offline business.
2. Income tax file of your mother or wife will also improve going forward.
3. Loans are given on priority basis to women entrepreneur. ( & on many scheme's collateral free.)
If need be you can charge Salary for your online business.
Hi
GST registration required only when turnover cross 10 lacs.