Composition in case of second hand car dealers
This query is : Open
10 July 2017
In view of the clarification that used car dealers have to pay gst on marginal turnover, Whether they can go for composition if their marginal turnover is less than 75 lakhs (
sales less purchases)
10 July 2017
No No...
can't calculatd marginal based T/O. The aggregated turn over is overall outward supplies like taxable sales, zero/excempted, Services and etc.,
SI, In your view 75lakhs is your marginal T/O if your actual T/O is above 75lakhs. So, it is can't optout composition scheme.
10 July 2017
with due respect to your views i just want
10 July 2017
with due respect to your views what the used car dealers are saying as per their consultants , as per amended rule 32 (5)
10 July 2017
the value of supply shall be difference between the sale price and purchase price so they are being adviced to go for composition and pay 1 % on their net turnover .
suggest your views
10 July 2017
Yes I agreed. But, It's up to 75lakhs only. Above 75lakhs and one also you get notifications from GSTN for msg, mail and etc way. Your yearly turn over is Upto 75lakhs you can go to composition is better. But. you can decide it for assuming plus or minus in your view that is best.
10 July 2017
What they are saying is net sales at 75 lakhs that means( sales - Purchase ) shall be value of supply so 75 lakhs ( say 5 cr sales - 4.25 cr purchase )
10 July 2017
my doubt is whether aggregate turnover for composition shall be in above example is 5cr or 75 lakhs
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TWO FIRM NAME IN ONE GST NUMBER
- Section 54 f disallowed will be taxed at what rate
- ITR -1 Filing
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Transfer of rectification rights to ao
- Eway issued more than one
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- SEA GOING ALLOWANCE
- TDS whether applicable or not in case of Flat purchase
- IGST Refund pending since June 2022.
- Interest will be paid
- CHANGE IN PARTICULARS OF DIRECTOR
- Procedure and Documents Required for Release of FD from DVAT
- How to rectify gstr1 credit note
- Non- payment of GST on supply of services- reg
- Other party gstin shown on my login id
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Query on TDS Section 194H
- Fees amount transfer procedure for two doctors
Trending Online Classes
CAclubindia
