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VAT number


Naveen Kumar V

2015-06-26

Hi this is Naveen from Bangalore. My question is: 

1. If I start a small clothing/garments sales business now and get a vat Nmbr for my business, do I have to charge vat for customers and if so what percentage do I charge? 

2. Since its a very small and new business of initial investment if 3-4 lakhs, is it compulsory to apply for a vat Nmbr?

3. To apply for a Vat Nmbr , do I have to name my outlet/ store? If so, after I name my store do I've to register it?

4. So this small business comes under what business? Will it be a proprietary business/ Ltd business?

5. Do I have to have a current account in the name of my store? Or in my name?

6. If I ve  to create a current account then will I b able to take the profit month on month from that account?

 

S.M Navale

2015-06-26

Hi

 

you can start business as proprietary business

No need of  TIN upto threshhold limit Rs. 10 lakh sales in a year

If you purchase from or sold out of Karntaka state then TIn no. is compulsory required even the sales below Rs. 10 lakh.

you can wihdraw from current account as drawings.

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