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
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Can a gold business be registered under composition scheme
Replies (15)
Yes, no problem....
But you will have to bear extra burden of input GST (3%), along with output GST of 1%.
tq for informative reply
Yes, agree with Dhirajlal Rambhia sir.
yes but it will become costly because GST rate on gold is 3 percentage i.e 1.5 and 1.5
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)
Make it sure that composit dealer cannot provide any services .
As per the recent amendment @ Pankaj Ji Rs. 5 lakh service is allowed na?
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.
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.
Shivam sir.. Good 👍....
10% of the aggregate turnover na Sir😐?
Confusing
Confusing
It would be 10% of the Turnover of the State/Union Territory instead of 5%.
It was my typing mistake.
It was my typing mistake.
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:
@ 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
bro are u definite with that 5% or is it 10%?
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