About GST
This query is : Open
17 July 2017
sir, my friend's business turnover is less than 20 lakhs per anum. But he voluntarily registered for GST under composition scheme.
Do he need to pay tax @1% on sales even if turnover is less than 20lakhs?
He is also selling exempted goods, 0% tax goods and taxable goods On which goods he need to pay tax?
CA S K MISHRA
(Expert)
17 July 2017
Turnover includes all outward supply, exempted supply & taxable supply. If a person takes registration under GST even if his aggregate turnover is less than Rs.20 lakhs, he can opt for Composition scheme. For trading business GST is 1% on taxable goods.
CA Rashmi Gandhi
(Expert)
17 July 2017
He is required to pay tax@1% once he get register in GST.
Also tax is to be paid on total turnover(taxable+exempted).
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