Gst and small manufacturers
This query is : Resolved
09 April 2017
What about Medium and Small Manufacturers i.e MSME who are not under Central Excise now. How will GST effect them.
do they need to sell products at higher taxation.
do they need to sell products at higher taxation.
09 April 2017
The threshold is 20 Lacs as against the limit of 1.5 crore. Now they have to pay GST if their turnover exceed 20 Lacs.
10 April 2017
Yes, they are required to pay GST, which shall comprise both Central & State GST. Rate of taxes will increase a bit, but can be easily offset by input tax credit. If you supply to trade and industry, your buyers will prefer registered vendors. If you supply to consumers directly, you may opt for composition scheme if your turnover is less than 50 lakhs.
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