Gumastalicence
hemantcjain
(Querist) 27 April 2013
This query is : Resolved
can i get gumasta licence from my home address as I am doing work from home only,and for to open current bank account its compulsory,and in textiles business there is no sales tax,vat,service tax etc.And if I can not get gumasta licence fr.home than what to do open bank current a/c. please give me better advice,
Devajyoti Barman
(Expert) 27 April 2013
It involves local laws and regulations. A lawyer from home state could better guide you.
R.K Nanda
(Expert) 27 April 2013
consult local lawyer.
H.M.Patnaik
(Expert) 28 April 2013
As is understood from your query , you are trying to open a current a/c in a bank for business transactions.
If you are dealing in textile goods, you can apply and obtain a VAT licence from your local VAT authority. Even when you are dealing in a goods classified as Tax free s per local VAT law, you can still obtain a VAT licence.
Besides , You can obtain a Trade licence from local municipal authority if the item is covered therein.
Licence under the state Shop & commercial establishment Act can also be obtained from local Dist. Labour office.
Once you obtain licence for running business under any of the above laws and possess a PAN card under Income tax act, approach any bank for opening a Current a/c in your business name s per procedure prescribed by the bank. In absence of PAN card , Declaration in Form-60 is also acceptable to the bank in case of small business .
