GST on Jewellers
This query is : Resolved
23 June 2017
What will be the impact of GST on small jewellers dealing with end consumers? How not to end up paying more tax?
CA R SEETHARAMAN
(Expert)
23 June 2017
Opt for composition scheme and pay 1% GST if your annual turnover is less than 75 lacs.
Amol S Joglekar
(Expert)
23 June 2017
it will depend upon the quantum of turnover. For small business.... composition is available
23 June 2017
Thank you Seetharamanji and amol ji, but where in composition scheme while purchasing gold also you need to pay @ 3% then even while selling also need to pay @ 1% totally it will be 3% right...
Amol S Joglekar
(Expert)
24 June 2017
you need to make the calculation whether opting for composition is better or taking ITC is better
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