Gst tax applicable on supplier or traders
This query is : Resolved
29 June 2017
sir i am a trader purchase goods from unregistered person but i have regsitered for gst. as per rule after 1t july rcm is applicable to me for purchase good from unregistered person. but my business is purchaseing cement, bricks, and block and selling to builders. can i apply for composition scheme of gst because my last year turnover is 4700000. further i sale good to builders they are registered under gst. whether again i has to collect gst from builder also and pay to govt? means i have to pay 2 taxes one from builder and other from supplier(rcm). please help me i m confused
CA S K MISHRA
(Expert)
29 June 2017
If the Turnover in the preceding financial year was less than Rs.75 lakhs, a dealer can opt for Composition scheme. In such situation GST applicable is only 1% on total turnover. On inward purchase of goods from un-registered person, the dealer is required to pay GST at applicable rate but for outward sale, the dealer can not issue Tax invoice and as such can not collect GST from buyer.
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