Lump sum tax
sunit garg (9 Points)
27 May 2017
what are the slabs for lump sum tax for turnover upto Rs. One Crore or more in GST???
sunit garg (9 Points)
27 May 2017
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 27 May 2017
There is no such conept of lump sum tax and all in GST. There is a composition scheme, under which any entity having turnover of less than 50 Lacs Rupees can pay tax at flat GST rate. Rates specified are 2.5% for restaurants, 1% for manufacturers and 0.5% for others.
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