I am a motor mechanic purchase parts of motor vehicles and then used it in repairing of motor vehicles and also for retail trade.
Whether I come under preview service provider or not ???
Can I opt for composition my turnover is less tha 1 crore ????
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Composition for Service Provider
Replies (5)
As per proviso inserted in Section 10 by Amendment .Act 31 of 2018 , effective from 1/2/2019 , the limit exceeded. 1.5 crore & can supply services value not exceeding 10% of Turnover or 5 lac whichever is higher.
Hence if your services is exceeded as mentioned above you cannot opt the composition scheme.
2nd Option :
As per Sub Section 2A of Section 10 , inserted by notification 2/2019 CT ( Finance Act 2 2019) , the person supply goods or Services or both whose turnover not exceeding 50lac in previous Fy can opt for the secheme.
Need to pay Pay GST @ 6% on turnover without ITC
Hence if your services is exceeded as mentioned above you cannot opt the composition scheme.
2nd Option :
As per Sub Section 2A of Section 10 , inserted by notification 2/2019 CT ( Finance Act 2 2019) , the person supply goods or Services or both whose turnover not exceeding 50lac in previous Fy can opt for the secheme.
Need to pay Pay GST @ 6% on turnover without ITC
My service value does not increase more than 5 lacs, can I opt for composition scheme and pay tax @ 1% of turnover ???
Yes you can ............................
Is it 1% CGST and 1% SGST or both taxes included in 1 % ???
ITS .5% CGST & .5% SGST (TOTAL 1% FOR BOTH THE ACT)
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