Aggregrate turnover

This query is : Resolved

Kavi Arasu (Querist)
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15 April 2017 If GST is implemented from 1.7.17.

We have a turnover of less than Rs. 2 crores and we shall not liable to Excise Duty. And our product is physiotherapy equipment, and our vat rate is 5%.

IF GST comes effect, we shall liable to more tax. since excise duty is abandoned due to GST implementation.

Please guide.

Shall we liable to more indirect tax?

Guest

Guest (Expert)

15 April 2017 As of now the rate structure has not been approved but it is expected that there will be a four-tier GST tax structure of 5%, 12%, 18% and 28% .As far as your commodity is concerned the rate will be known only when government will specify the goods and services falling under various rates as mentioned above.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 April 2017 If your turnover exceed 20 Lacs you are liable for GST check the rates applicable 5%/12%/18% to be notified.

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