Negotiable Instruments: Exhaustive Coverage by Adv Roma Bhagat. Register Now!
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Anamika (Owner)     14 January 2013

Need help in partnership firm registration and VAT tax

I am from Mumbai. Me and my friend are soon going to set up a I.T related business offering computer repair services as well as sale of old and new computers/Laptops.
We have decided to sign a partnership deed as well as Register it as a partnership Firm.

Since, we don't want to get into any sort of legal trouble, I am confused about the following things:

1. We will be registering our partnership firm. Does this mean we get licence to sell goods and issue bills under our firm's name? Or will we need to apply for a Gomastha(Gumasta) licence seperately?

2. We will be providing VAT Invoices to our clients/customers. In order to provide vat bills, one has to get a VAT number registered through Income Tax dep. TIN is required to register a vat number. Is TAN or PAN required to get TIN/VAT number? I mean is there a need to apply for PAN or TAN (or both) of Firm before applying for TIN?

3. We are going to provide computer repair services too, will we be have to charge service tax for this?

would appreciate any advice. Thanks in advance.


 5 Replies

R.K Nanda (Advocate)     14 January 2013

contact local lawyer.

Anamika (Owner)     15 January 2013

thankyou sir, you are intelligent

Sandeep Wawhal (BCom + P.G.D.F.M. + CA-Final)     15 January 2013

Charge of Service tax and vat it depends on the Turnover  and receipt, accordingly if your total sales turnover exceeds Rs. 5,00,000/- in previous year or if you suppose to purchase taxable goods and you want to claim (Refund) tax which you have suppose to be paid on purchase, then you have to get register with Sales Tax Authority with initial deposit Rs. 25,000/- refundable.

If your Gross "taxable" receipt exceeds Rs. 9,00,000/- in previous year at any point of time then you have to register under Central Excise Authority as Service Tax Registration.


If your Gross "Taxable" receipt exceed Rs. 10,00,000/- in previous year at any point of time, then you are liable to collect Service Tax at prescribed rate (12.36 currently) from customer and paid to the Government .

CA. Vipul Jadhav (Partner)     18 January 2013

We can help you with your Partnership Registartion, Gumasta Liscence and PAN No, MVAT & CST Registation. You can contact me on 9819384785 (CA Vipul Jadhav)

Preeti (Assistant)     02 April 2013

Contact V Palkar & Co. , CA in vashi. they will definitely help you out.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register