Gst applicable for majuries and interest
This query is : Resolved
Kollipara Sundaraiah
(Querist)
28 May 2019
A person registered composite scheme gst trading for jewellery business.
A person another income majuries collections and income from interests(money lending business).received
My question majuries collections and interests income gst applicable or not.
A person another income majuries collections and income from interests(money lending business).received
My question majuries collections and interests income gst applicable or not.
CA Rashmi Gandhi
(Expert)
28 May 2019
Interest received is nil rated supply and hence no GST applicable on it.
Labour charges taken from customer is taxable supply ( supply of service) . From 01 April 2019 you can opt for composition scheme even if you engaged in supply of services. But you have to pay tax @6% on first Rs.50,00,000/-.
CA Rashmi Gandhi
(Expert)
28 May 2019
Also a thing to be considered that you can opt composition only when you have aggregate turnover excluding interest will be less than Rs.50,00,000
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Kollipara Sundaraiah
(Querist)
29 May 2019
new composite scheme enroll sales turnover tax applicable 1 %or 6%
CA Rashmi Gandhi
(Expert)
29 May 2019
1% on sales and 6% if engaged in services
Kollipara Sundaraiah
(Querist)
29 May 2019
sales and service both one registration or sales and service separate registration
CA Rashmi Gandhi
(Expert)
29 May 2019
Separate Registration. In case of single registration 6% is required to be paid on First 50,00,000/-
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