I am planning to start up a retail store in my home town (Hubballi) and I will be buying a products from Tamilnadu and Bangalore for reselling. As it’s a new business for my home town and I am not sure about the annual turnover, now here are few of my questions:
1 Do my retail store need to have a firm PAN card?
2 Do my retail store need to have a VAT & CST no.,
The above 2 document registration/registration nos., should be done before starting the business or from the very first day of the business or I can register it after one or two month (post estimation of the annual turnover based on the couple of month business turnover)
Responses are truly appreciated
Posted 3 years, 9 months ago by Ateeq Maximuz
1. You can start the business in your name as proprietor, Hence PAN of yourself will be enough and Firm PAN not required.
2. You have to take TIN no since you are doing Inter state Purchases
3. TIN can be applied and then you can start doing the transactions.
Posted 3 years, 9 months ago by Mukesh Solanki
1. As you are doing business on your own so your PAN card is only required.
2. For VAT and CST you have to take TIN No. from the very first day as you are doing inter state purchase and in such case registration in Karnatka VAT act is mandatory no need to check turnover.
CA Bhuwan Sharma
Posted 3 years, 9 months ago by NRO0263978 BHUWAN CHAND SHARMA
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