Regarding Composition
This query is : Open
15 July 2021
Dear Experts, one of my client under composition scheme (dairy products) Now, 1,20,000 value under 0 rated. Than tax liability in this value ?
16 July 2021
Diary products are counted under nil rated products which is covered in the definition of exempt supply Section 2(47) of CGST Act. So when one calculates turnover for determining GST liability, he has to include turnover of exempt goods as well. Hence for calculating GST tax liability the said Rs.120000 has to be included in the turnover value. But as milk is an exempted supply 1% GST rate is applied on a value excluding Rs.1,20,000/-
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