Gst applicable for majuries and interest

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Kollipara Sundaraiah (Querist)
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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.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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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

CA Rashmi Gandhi (Expert)
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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

Kollipara Sundaraiah (Querist)
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29 May 2019 new composite scheme enroll sales turnover tax applicable 1 %or 6%

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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29 May 2019 1% on sales and 6% if engaged in services

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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29 May 2019 sales and service both one registration or sales and service separate registration

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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