KML & KGST
Money Lending and License under KML Act, 1958
If proper precautions are made, Money lending is flourishing business. It’s a process in which, money is lend against a security. Security may be land, building, gold, guarantee etc. Among these, gold loan offers a distinct advantage to the money lender, because in this situation the money lender is in possession of the security itself i.e. gold
Money lending business is subject to strict regulations, and adherence with applicable laws are necessary. One of the pre-requisite for conducting money lending business is the license for carrying money lending business under respective state law. Once issued, the money lender shall comply with regulations of the act.
Kerala General Sales Tax
Despite petrol and petroleum products, including diesel and natural gas, being not taxable under GST, filling stations will come under the tax ambit as they also sell lubricants and distilled water, which are not exempt. Therefore, Petrol pump dealer has to take KGST as well as GST registration.
