We are manufacturer of Farsan (Namkeen) Our Product is non branding, We sale it on plane plastic carry bag as per customer requirement & in std weight. I just want to confirm GST Rate on this item, Also confirm can we opt for composition scheme. or In Normal Scheme can we claim ITC.
26 June 2020
The GST rate is 5% on the facts of your case under ITC 210690. If your annual T/O is less than 1.5 crores in a year then you can go for Composition scheme. If you do not opt for composition then you can claim ITC also on the materials used for manufacturing Farsan.
CAclubindia
