SALES CLARIFICATION

[Asked by Guest]

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

[Ganeshan Kalyani]

Sir, compliance is next step first is business. Government is also coming up with schemes like Starup, ease of doing business etc. My point here is you can do business but accordingly compliance has to be done.

AI Summary

Registration compliance: traders may continue trading but must complete applicable tax and reporting compliance before scaling sales.
A small dealer with a TIN who previously filed only annual returns and had low annual turnover asked whether he may increase sales after projecting higher monthly receipts; the reply advised that business may continue but the dealer must undertake appropriate tax, registration, and reporting compliance as turnover grows.