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Can a gold business be registered under composition scheme

Dyanesh Kumar Modukuri (38 Points)

09 September 2018  

i am doing gold business and it is taxed at 3%
my turnover is below 1cr so i want to register my new business under composition scheme
IS IT POSSIBLE


 15 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107310 Points)
Replied 09 September 2018

Yes, no problem....

But you will have to bear extra burden of input GST (3%), along with output GST of 1%.

4 Like

Dyanesh Kumar Modukuri (38 Points)
Replied 09 September 2018

tq for informative reply

Vinod Babu (24161 Points)
Replied 09 September 2018

Yes, agree with Dhirajlal Rambhia sir.
1 Like

ashok kumar pareek (prop) (42 Points)
Replied 09 September 2018

yes but it will become costly because GST rate on gold is 3 percentage i.e 1.5 and 1.5

Vinod Babu (24161 Points)
Replied 09 September 2018

Composition dealer cannot take ITC on purchases. So they have take that loss of ITC plus have to pay 1% gst amount on their outwards supplies from their own pockets(note: gst not be collected from the customers)
1 Like

Pankaj Rawat (GST Practitioner) (51634 Points)
Replied 09 September 2018

Make it sure that composit dealer cannot provide any services .

Rohit Tibrewal (Student & Senior Accountant)   (3183 Points)
Replied 09 September 2018

As per the recent amendment @ Pankaj Ji Rs. 5 lakh service is allowed na?

Shivam RC (Student) (23631 Points)
Replied 09 September 2018

Yes Rohit Sir....

As per the latest Amendment, CGST ( Amendment ) Act 2018, SECTION 10 Dealers i.e. Composition Scheme Dealers can now supply Services upto ₹ 5 lakhs or 5% of their Aggregate Turnover; whichever is HIGHER.

Vinod Babu (24161 Points)
Replied 09 September 2018

Shivam sir.. Good 👍....

Rohit Tibrewal (Student & Senior Accountant)   (3183 Points)
Replied 09 September 2018

10% of the aggregate turnover na Sir😐?

Confusing

Shivam RC (Student) (23631 Points)
Replied 09 September 2018

It would be 10% of the Turnover of the State/Union Territory instead of 5%.

It was my typing mistake.

Pankaj Rawat (GST Practitioner) (51634 Points)
Replied 09 September 2018

DEAR SHIVAM
All the ammendment in Act No.31 of 2018 dt. 29/08/2019 ,is applicable or come into force by notification Issued

Hence clause of service upto 5lac by compsition dealer is not applicable till date 

 notification is awaited


Kindly refer the S.no.1(2) (2) Save as otherwise provided, the provisions of this Act shall come into force on
such date as the Central Government may, by notification in the Official Gazette, appoint:

Pankaj Rawat (GST Practitioner) (51634 Points)
Replied 09 September 2018

@ Rohit ji Kindly read the S.no.1(2) in the amended Act , dtd.29/8/2018 (2) Save as otherwise provided, the provisions of this Act shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Hence Notification is awaited 

1 Like

CA. Vinayaka Adiga (2 Points)
Replied 27 March 2019

bro are u definite with that 5% or is it 10%?

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