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20 Points Posted on 10 March 2018
Suppose a person is taxable person who is under composition scheme his aggregate turnover is 10 lakhs & receives 2 lakhs interest from bank & then he again he sells product of 10 lakhs then is he liable to register or not? If yes, what is the amount of tax on which GST payable?
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On 10 March 2018 at 19:14 Report
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banglore
20 Points Posted on 10 March 2018
Under composition scheme you can have turnover of 1.5 crores. In your case, it is well below this limit even including interest, you will be still under composition.

since exempted income not taxable you will be liable to pay tax on 20L
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On 10 March 2018 at 19:37
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20 Points Posted on 10 March 2018
mr. umesh bangari is exempted supply
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On 10 March 2018 at 19:48
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"Do the Right Thing...!!!"
20 Points Posted on 10 March 2018
Registration ceiling limit is 20lakhs (10 lakhs in special category states)...

In this query "Interest from bank" GST not applicable...

Also your sales 20lakhs then You can go to register under GST...

Choose the option like "Composition of Regular". It's your choice based on your business...

Note :
Composition Scheme Ceiling limit Rs. 1 Cr.
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On 10 March 2018 at 20:38
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20 Points Posted on 10 March 2018
sorry for previous message. it is wrongly send. previous message inserted inadvertently.
i have query, is bank interest of 200000 is exempted supply from mr. umesh bangari.
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On 10 March 2018 at 20:39

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