Composition query

If your turnover is less than 75 lacs then you can register under composition scheme and avail the benefits of the composition scheme.

Confusion about GST Composition Scheme.

1: My Total Turnover ₹35 Lacs.

Soap, Spices, Biscuits etc ₹20 Lacs.

Atta, Salt, Loose rice etc (exempt items) ₹15 Lacs.

So what is tax liability in Compound. @ 1% 35000 or 2000

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2: on 30 June i have Soap, Spices, Biscuits etc Stock of ₹150000.

Atta, Salt, Loose rice etc (exempt items) ₹50000

There is no ITC Balance So am i liable? to pay tax according closing Stock on 30 June.