there are many general / kirana stores or small retailers in india. many of them have turnover of 40-50 lakhs. currently they dont file any vat return etc. they are called unorganised sector. i think gst is a curse for them bcoz if they dont comply with the gst provisions, that is illegal. and if they comply with the provision they will end up paying gst from their ownbpocket.
they sells items of as low as rs 1 (like chocolate or gutkha etc.) and it is difficult to collect tax from customers.
Menu
impact of gst on general stores
Replies (3)
If they have turnover below 75 lakhs. They have option to opted for composition. No need to collect tax from customer .
no need to collect from customer means paying from own pocket. that too twice. when the did purchase and when they do sale.
thats why it is curse.
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
