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Please note composition scheme to these business verticals with separate gst registration number will not be applicable based on the turnover of these.
Different business verticals in gst. As per sec 2 18 of the revised model gst act business vertical means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals. Yes a company with multiple business verticals can choose to apply for more than one gst registration numbers against a corresponding pan in a state or union territory. Sub section 2 of section 19 of gst law describes that a person having multiple business verticals in a state may obtain a separate registration for each business vertical subject to such conditions as may be prescribed.
Taking further to our discussion we are continuing our discussion the definitions given under section 2 of revised gst law and comparing the same with old model gst law to know the changes made in revised law. Taking further to our discussion we are continuing our discussion the definitions given under section 2 of revised gst law and comparing the same with old model gst law to know the changes made in revised law. New provisions relating to the separate registration for multiple places of business within the state or union territory section 25 of the cgst act 2017 contains the registration provisions and as per section 25 2 of the cgst act 2017 the person shall be granted a single registration in a state or union territory.
Yes you can use same gst number for any number of business lines within a state. The new definition reads as follows. The proviso to section 25 2 however deals with the registration.
The new definition reads as follows. That is engaged in the supply of individual goods or services or a group of related goods or services. A distinguishable component of an enterprise.
Section 2 18 of the act defines the expression business vertical as a distinguishable component of an enterprise that is engaged in the supply of individual goods or services or a group of related goods or services which is subject to risks and returns that are different from those of the other business verticals. Even if business is different from current business it is advised to run it with single registration to avoid much compliance related complexities. As per gst law gst authorities do not permit to operate gst tax process with one gst registration if different types of business different verticals are carried on one state or different states.
However there is option to obtain registration for different verticals. Which is subject to risks and returns that are different from those of the other business verticals. Business vertical means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals.
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