Bakery shop business

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2017 A person has Bakery Shop having turnover less than than 75 lakhs of the preceding financial year, what will be preferable Scheme to him under GST, Regular Or Composition? and what the Tax Rate will be applicable?

CA S K MISHRA

CA S K MISHRA (Expert)
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15 July 2017 It is always advisable to opt for composition scheme , as there are less compliance such as qtrly deposit of GST, Qtrly filing of return, no need to raise tax invoice on sale.This scheme has been lunched with a view to facilitate small trader, manufacturer & restaurant service provide.In case of composition scheme GST rate for trader is 1%.

If your product falls under the category "Bread" ( Branded or otherwise) HSN Code 1905.00.00, GST is Nil. No need to take registration irrespective of turnover.

Nischit Sanghavi

Nischit Sanghavi (Expert)
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15 July 2017 Businesses dealing only in goods can only opt for composition scheme. Services providers have been kept outside the scope of this scheme. However, restaurant sector taxpayers may also opt for the scheme. This holds true if your annual turnover is below Rs 75 Lakhs.

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