Composition in case of second hand car dealers

This query is : Open

Manoj Panjabi (Querist)
Follow

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)

RAJA P M

RAJA P M (Expert)
Follow

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.

Manoj Panjabi

Manoj Panjabi (Querist)
Follow

10 July 2017 with due respect to your views i just want

Manoj Panjabi

Manoj Panjabi (Querist)
Follow

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)

Manoj Panjabi

Manoj Panjabi (Querist)
Follow

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

RAJA P M

RAJA P M (Expert)
Follow

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.

Manoj Panjabi

Manoj Panjabi (Querist)
Follow

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 )

Manoj Panjabi

Manoj Panjabi (Querist)
Follow

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

T E SOUNDARARAJAN

HITESH NIRANJAN SAHU

Ishwar Radhakisan Tawani

RAJ SANKLECHA

Aakash Kumar

Subscribe Now

Composition in case of second hand car dealers

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

CA Final

GST CONSULTANCY

GST CONSULTANT

Senior Executive