GST on Waffle Store
This query is : Resolved
11 January 2022
Hi Sir.
Need an expert advice on the following query.
A newly opened fast food outlet offering
Freshly prepared Waffles, Pancakes ( chocolate as well non chocolate coated), Burgers, Wraps/ Rolls, Sandwiches, Shakes.
Mainly sell on Zomato and Swiggy. These portals have started imposing gst on all the customers from Jan 1.
Now all the above items attract different rates of GST, which makes it very difficult.
Average expected revenue is 5lac per month.
Can we opt for the composition ?
Means 5% on all without ITC?
And if we don't opt for the Composition (or it's not available to us), will we be entitled to ITC?
Kindly help.
Thanks & Regards.
Rajinder Goyal
Need an expert advice on the following query.
A newly opened fast food outlet offering
Freshly prepared Waffles, Pancakes ( chocolate as well non chocolate coated), Burgers, Wraps/ Rolls, Sandwiches, Shakes.
Mainly sell on Zomato and Swiggy. These portals have started imposing gst on all the customers from Jan 1.
Now all the above items attract different rates of GST, which makes it very difficult.
Average expected revenue is 5lac per month.
Can we opt for the composition ?
Means 5% on all without ITC?
And if we don't opt for the Composition (or it's not available to us), will we be entitled to ITC?
Kindly help.
Thanks & Regards.
Rajinder Goyal
11 January 2022
Since your principal collects output and very well you can take Itc , but best your turnover is 5 lacs , so you better opt for Composition , so you can pay flat rate @5%
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
