Composition scheme

Medicine/pharmacy income is Taxable in GST, but doctor consultancy services are exempted in term of notification 12/2017 CT (R) .

Now whether you can opt for Composition scheme or not.....

1. As per Notification 14/2019 CT .& Amendment act 31,2018, the turnover in preceding FY is less than 1.5 & can supply services upto 10% of turnover or 5lac whichever is Higher. Rate of tax is 1% on taxable turnover.

2. As per Notification 2/2019 CT (R) : the per whose Aggregate turnover in preceding FY is 50lac or below can apply for Composition scheme by paying 6% tax on taxable supply & can supply goods or services or both.

Hence can choose from above 2option .


Note : ITC is not available in both the condition

2.

You can opt for Composition Scheme for Homeopathic Pharmacy Business and pay 1% GST on your Taxable Turnover.

Note that you cannot collect GST from the customers.