GST
No, two firms owned by the same proprietor cannot be registered as a single GST (Goods and Services Tax) entity. Each firm considered as a separate legal entity and needs to obtain a separate GST registration.
However, the same proprietor can obtain separate Goods and Services Tax registrations for each of their firms, and manage them under a common PAN (Permanent Account Number). This is know as a “composite registration” or “multiple registrations”.
Under composite registration, the proprietor can file a single GST return for both firms, instead of filing separate returns for each firm. This can help in simplifying the compliance process and reducing the overall compliance cost for the proprietor.
To obtain a composite registration, the proprietor needs to submit separate Goods and Services Tax registration applications for each of their firms, and then apply for a composite registration by submitting a separate application form.
The proprietor will also need to provide a list of all the firms that will be covere under the composite registration.
It is important to note that each firm will have its own Goods and Services Tax registration number, and will be liable to pay GST separately. The composite registration only enables the proprietor to manage the compliance process under a single registration.
To visit: https://www.gst.gov.in/
For further details access our website: https://vibrantfinserv.com