Home |Shyamal Modi Shyamal Modi Tax Advocate | Financial Advisor | Virtual CFO 127 Answers, 658 Claps, 94359 Views Share × Feeds Questions Answers Guides I am working for a company abroad online from india. I am getting paid in crypto. Is this legal if i convert to cash? If so how i file tax for my salary? First things first, Crypto, although taxed, is still not legal in India! There are many platforms to receive your money in legal currency, such as Paypal, Stripe, etc. So, it's better to use them!Secondly,… 1 0 42 I have filed an revised ITR (let's say t1) and I everify it also. But mistakenly i filed revised ITR again (let's say t2) which I didn't everified. I'm continuously getting emails from dept to e verify my ITR(t2).I want t1 to be taken.Any suggestions? Don't E-verify it and discard the ITR after 30 days! 1 1 8 I have started a small saree business of Rs 3 Lakhs and my monthly sale has not crossed ten thousand. Do I need to apply for GST? Yes, if you are selling sarees online/out of your home state.Else not required! 1 0 178 I have a manufacturing set up which I am closing since I am seeking a job in a MNC. The MNC HR’s Background verification team are asking for a GST cancellation form but I don’t have a GST number so how do I file for a cancellation? If you didn't have a GST Number for the manufacturing firm, then you can inform them of the same in writing! 1 0 42 I have got my e pan card through e-Filling website few days back. Then I go to verify pan card. That time I faced 'No record found on entered pan card'. I can't proceed with this pan card or reprint it. I can't contact department. What to do? It takes time to get the instant pan card details to be updated in the Income Tax database.I recommend checking after 10-15 days! 1 0 1229 What are the specific requirements for GST registration in case of an online store selling imported sports equipment. A single registration is enough? Since there is no physical activity can this be done from my residential flat? Yes, you can get registration on your residential address if you can store the stock at your house.If you are selling through Amazon FBA in different warehouses across the country, then you have to take… 1 0 59 I recently applied for new GST registration after my last application was rejected. I uploaded Consent letter on ₹100 stamp duly signed by notary and municipal tax receipt from Nagar Palika. But GST officer still asking me proof of principal place of business. What should I do? You can attach the electricity bill or sale deed of the property. 1 0 101 How can i find out first, middle and last name for Pan card if my name is A XYZ BCDEF? If you have any problem while registering on Income Tax Portal or anywhere, the solution is:Open the income tax portal > click on pay tax > fill in the details and enter your pan numberafter clicking… 1 308 9925 I have applied for GST Cancellation in Delhi, After that i rcvd an SCN for clarification. The clarification was not filed and now this is showing pending for order from last six months, Can any one suggest how to apply for rejection of the application? In this case, you may contact the local jurisdictional officer, you may provide the clarification sought by him in hard copy. 1 0 115 The GST officer did not mention any reason for rejecting the GST application. He just replied that clarification was unsatisfactory in the rejection letter. What should I do? Should I apply fresh? 2 options: 1. Apply again! 2. Go for an Appeal against the order! It is mandatory for the officers to write the reason for rejection. Anyways, option 1 is always recommended for faster resolution! 1 0 122 The electricity bill is in company's name and the rent agreement is in owner's individual name and i have rented a place. How to get the address on gst ? If your business is other than a Proprietorship firm, you have to make a rent agreement in the name of the Company. I would always recommend consulting a professional, as there are many aspects which… 1 0 191 I have lost my pan. While applying, by mistake i got a new pan card. Can i change pan card number with bank account? You have to surrender your PAN card which is not in use! If you don't remember your old PAN Number, you can contact Income Tax Office in your locality to get the same. Procedure for surrendering Pan Card:… 1 0 859 I want to start my transport company. And I don’t have my own house. My landlord said he cannot provide me NOC. How can I register for GST in these conditions? Better to take a shop on rent and get GST registration there. As it is a transport company, you have to store parcels. So it's better to conduct your business in a rented shop. 1 0 31 I have sold house property in Gujrat and the buyer has taken bank loan.Bank has given two cheques one for sale deed value and other for extra work in house. How it will be shown in ITR? The total amount of both cheques will be considered as your sale consideration.LTCG will be calculated as:Sale consideration - Indexed value of purchase cost.The profit will be taxed at 20%.But if you… 1 0 245 Is it any legal problem to sell through Instagram and Facebook without GST Registration below 20 lakhs turnover? If your turnover is less than 40 lakhs for goods / 20 lakhs for services, and you are selling through Facebook/Instagram only within your state then there is no issue!But if you are also selling outside… 1 0 64 What is composition scheme under GST with example? I would suggest you to watch this video: In the video, I have discussed the composition scheme in detail! 1 0 101 In all my documents since matric examination, there is a space between my name and initial. But when I apply for PAN card with this name, I got the card without space between name and initial. So I cannot link aadhar and Pan. What should I do? You can apply for modification of PAN Card on the NSDL portal. 1 0 223 If I start the auto finance lending company on February. There is only 1 month to end of financial year. In this situation, auditing accounts submission is essential or not? If it is a Pvt. Limited Company - Statutory Audit is mandatory!For others - It depends on your turnover 1 0 43 I want to sell on e-commerce platforms and apply for GST for that in propreitor scheme, As I have not started yet, I have chosen a date of my choice for the company to start but what would be the "date of liability of the gst started" for this? It should be the current date, you can't apply with a future date!I would recommend applying for GST registration through a Tax Professional, as there are many things to be taken care of! 1 0 19 It's been 16 days since I have made ammendment in core field (APOB) for Amazon FBA, but still the application shows pending for processing by authorities of state. What to do next ? How to get approved? It usually takes 15 working days to process amendment applications. You can contact the State GST office for the pendency reason. 1 0 238 How do I apply for an e-PAN card? Go to the Income tax portal (www.incometax.gov.in) - click on Instant E-Pan and apply! 1 0 52 I haven't added my dad's middle name to the gst registration form, now the SCN for GST asks for aadhaar card of my dad since it's based on concent I'm registering, what should be done ? Should I add the middle name in form or leave as it is ? The name in GST Registration must match the name on your PAN Card! You have to provide the documents as asked! 1 0 90 Can I change the gst registration date while creating the GeM act ? eg my gst was created on jan 2020 but i want to enter gst reg date as june 2021, is that possible ? We are making gst nill returns from the time of creation to till now No, you can't change GST Registration date! 1 0 38 Why is GST applied if I have an EMI on a credit card, even though interest is already being charged by the bank? GST is levied on the interest charged by the card issuing company!Use of money by credit or loan is a taxable service under GST chargeable @ 18%! 1 0 48 While preparing a profit and loss account, will sales and purchases include GST or not? Can we claim GST in income tax returns as an expense? Lets go to the basics!What shall be the journal entry of taxable sales?Sale of Rs. 100000 + 18% GSTCash/Bank/Party A/c Dr. 118000 To… 1 0 1609 What's the threshold limit for GST registration in Punjab? Rs. 20 lakhs for services & Rs. 40 lakhs for goods! To know more in detail - check out my video on when to get GST Registration: 1 0 63 What will happen if I don't register my small business for GST? If your annual turnover doesn't cross the threshold limit (Rs. 40L for goods/Rs. 20L for services) and you don't come under the scenarios where compulsory registration is required, then you don't have… 1 0 353 What should I do when my application for GST registration got rejected? Check the rejection order > see the reason why they rejected your application > correct the same > & apply again! 1 0 110 What is the GST charge on consultancy services and what are the various slabs of it? In my view Consultation Services is taxed @ 18% in GST! 1 0 30 What is the cost of apply for GST number? There is no government fee for GST Registration! If you hire CA/Tax Professional they will charge professional fees!As many things are to be taken care of, it is always better to hire a professional! 1 0 25 What if I do outward supply out of state being a composition dealer in GST? You have to opt out of the composition scheme immediately!Otherwise, penalties may be imposed as a composite dealer can't make interstate sales. Though he can make interstate purchases. 1 0 18 Should I upload a consent letter for GST registration on plain paper or stamp paper? Consent Letter should be on the Stamp Paper of Min. Rs. 50, duly notarized! 1 0 790 My tenant wants to register a business on the rented address and is asking for an NOC from me to get the GST number. What will be the implications for me? There will be no implications for you. GST Registration is PAN-based. 1 0 373 Is GST applicable on commission income? Yes, @18% 1 0 37 How can a partnership firm be changed into a proprietorship firm under GST law and is it possible or not? Yes, it is possible, you have to apply for a new GST Number as a proprietor by taking over the business of the partnership firm! 1 0 29 Do we need to register for GST if our company doesn't deal in any sales of products or services? GST Registration is mandatory only if your annual turnover exceeds the threshold limit, or if it is specified as mandatory in some cases.Is your company a charitable organisation?Checkout my video on… 1 0 39 Do I need to charge GST if I am not registered? If you are not registered under GST, you cannot charge the same! 1 0 18 Do I need a GST number for a PayPal business account that I just started yet? Getting a GST registration depends on various things if you are starting a business.I have discussed the same in detail in a video, you can check that out! 1 0 233 Can we start more than two businesses with one GST number? Yes definitely! 1 0 45 Can we claim GST for purchasing a bike for office usage to field people? No, ITC of motor vehicles is blocked u/s 17(5) unless you are into the business of reselling the same, tutoring or transportation.Check out my blog if you want to get more clarity on which ITC is blocked,… 1 0 29 Can I sell on Flipkart India without GST number? No!Compulsory registration is required if you are Selling taxable goods through E-commerce operators such as Amazon, Flipkart, Meesho, etc.Checkout my video on it: 1 0 343 Can a residential rent agreement be used for GST registration? NO!Rather get a Notarized Consent Letter from the landlord. 1 0 28 Do i need to register for gst for Instagram buissness page? Is it mandatory to fill the tax even if the return is less than 20 lakhs? If you are dealing in products and selling them anywhere in India, then you are required to get GST registration!If you are dealing only in services, then you are required to get GST registration only… 1 0 46 I have taken gst number on 2018 as sole proprietorship. But I discontinued it from long back days. It's till active, but the penalty showing more than 25000 as per norms. I can't cancel it also in portal. What can I do? Can I use it again? If no Returns are filed for 6 consecutive months, then your GST Registration will be cancelled by the department!It is always recommended to get advice from a Tax Practitioner or a CA as Non-Compliance… 1 0 86 Can I get a GST number if I don't own any property on my name (because I live with my parent)? I added my electricity bill (which is on my grandfather's name and he has passed away), but it didn't work? I’m applying for a GST as e-commerce supplier. You have to add a Consent Letter along with the electricity bill.You can make the consent letter in the name of all heirs of the property by also attaching the death certificate! 1 0 244 I have applied for new registration and i received notice. I have filed clarification against notice. Its 7 days now. When will I get a reply? Wait for 7-10 working days! 1 0 87 I am a landlord and I have to make rental agreement for a shop. Shopkeeper is a gst registerd shop. What happen if he vacate my shop in between? Will the gst liabilty be mine? GST Registration is PAN-based. In no way the GST liability can be imposed on you! 1 0 102 I have filed for cancellation of gst in July 2022. The account has been suspended but yet the status of cancellation is Pending for Processing and assigned to Center. what should I do now? Just wait for the cancellation order! Normally it is received in 15-20 days!Remember: After the Cancellation Order, you need to file a Final GST Return in form GSTR 10 within 3 months of the cancellation… 1 0 88 How much is the turnover limit for selling in online platforms like Amazon Flipkart ect without GST from 1 January 2023 after GST council decision in June 2022? The relief of mandatory registration shall be given only for INTRA STATE suppliers, i.e. only if you sell in your home state! - The threshold for that is the same - 40 lakhs for goods.If you want to sell… 1 0 37 My GST registration got rejected stating that business premises shown in house and there is no provision of separate office. I want to sell clothes on e commerce websites from my home. What to do? Did you receive any notice, before the rejection order?You can get GST number for e-com business on your home address. 1 0 229 No questions added by Shyamal Modi. I have filed an revised ITR (let's say t1) and I everify it also. But mistakenly i filed revised ITR again (let's say t2) which I didn't everified. I'm continuously getting emails from dept to e verify my ITR(t2).I want t1 to be taken.Any suggestions? Don't E-verify it and discard the ITR after 30 days! 1 1 8 I am working for a company abroad online from india. I am getting paid in crypto. Is this legal if i convert to cash? If so how i file tax for my salary? First things first, Crypto, although taxed, is still not legal in India! There are many platforms to receive your money in legal currency, such as Paypal, Stripe, etc. So, it's better to use them!Secondly,… 1 0 42 I have started a small saree business of Rs 3 Lakhs and my monthly sale has not crossed ten thousand. Do I need to apply for GST? Yes, if you are selling sarees online/out of your home state.Else not required! 1 0 178 How to file tcs return in gst? TCS under GST is applicable if you are an E-commerce Aggregator!If you are talking about filing a return for TCS Credits received, that can be done from the services tab > Returns > TDS/TCS Credit… 1 0 18 What if I do outward supply out of state being a composition dealer in GST? You have to opt out of the composition scheme immediately!Otherwise, penalties may be imposed as a composite dealer can't make interstate sales. Though he can make interstate purchases. 1 0 18 No Guides added by Shyamal Modi.
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