17 June 2017
I have this relative in a village in rajasthan. he has a generaln store or kirana store. he file ITR on presumptive basis with turnover of 40 lakh approx. currently he doesnt file any other return except itr. does he has anything tondo with gst?
being a general store in village it is quite impractical to sell good on billing.
17 June 2017
what does composition scheme actually means. should the shopkeeper pay tax from his pocket or should collect tax from customers by issuing bills
17 June 2017
Under composition scheme GST is not collected separately. The seller has to fix his margin considering the GST of !% payable. In case of MRP items GST will be part of margin amount.
17 June 2017
Suppose his profit margin is 10% and GST Payable is 1%, he has to fix his selling price buying price+11%. If he buys a product for 89 adding profit margin and gst of 11 he has to sell it for 100. In case of MRP items GST impact will be built in.
18 June 2017
yes.. if someone opt for composition scheme.. he have to pay gst out of his own pocket.. else he is free not to opt composition scheme, and take input and charge gst
18 June 2017
moreover in current regime if someone habe not taken sales tax no because his sale is below taxable limit, he has to bear all taxes paid out of his own pocket..
18 June 2017
same do happened till today as well... if turnover less then 5lakhs, he donot charge any vat but with 6lakh turnover he had to pay tax and considering sale at mrp he have to bear tax out of his own pocket..
CAclubindia
