DEAR SIRS,
MY FREING IS A SMALL DEALER HAVING TIN NUMBER AND MY SALES FOR THE PAST TWO YEAR WAS LESS THAN 5 LAKHS AND SUSEQUENTLY ONLY ANNUAL RETURNS WERE SUBMITTED, NOW FROM THIS MONTH HE IS EXPECTING A SALES OF MORE THAN 5 LAKHS PER MONTH, NOW PLEASE CLARIFY ME CAN HE DO SALES FOR MORE THAN 10 LAKHS PER ANNUM OR N0T, AS PEOPLE ARE CONFUSING ''YOU HAVE TO WAIT TILL NEXT MARCH TO UPDATE YOUR DETAILS, TILL SUCH PERIOD HE CANT DO THE BUSINESS, PLEASE HELP
Kind regards
M.Subramaniam
Can a Small Dealer Exceed 10 Lakhs Annual Sales Without Waiting for March Update? Compliance Required. A small dealer with a TIN number has submitted annual returns for the past two years due to sales being less than 5 lakhs. Now anticipating monthly sales exceeding 5 lakhs, there is confusion about whether sales can exceed 10 lakhs per annum without waiting until the next March to update details. A respondent advises that business can proceed, but compliance with regulations must follow, highlighting government initiatives like Startup and ease of doing business as supportive measures. (AI Summary)
TaxTMI 
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