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for Turnover Exceeding 1cr in Financial Year.
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Composition Scheme For Service Providers
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Service provider can obtain composition scheme if the aggregate turnover is not exceeding 50 lakh Rs with other condition as prescribed according to notification number 2/2019 dated 7th March 2019.
Rate is 6% i.e 3% CGST 3% SGST
IF YOUR TURNOVER EXCEEDING 1 CR THAN YOU CANNOT OPT FOR COMPOSITION SCHEME AS A SERVICE PROVIDER!
Rate is 6% i.e 3% CGST 3% SGST
IF YOUR TURNOVER EXCEEDING 1 CR THAN YOU CANNOT OPT FOR COMPOSITION SCHEME AS A SERVICE PROVIDER!
Since the turnover is above 50L which is threshold for service provider to opt for composition scheme, in your case you cannot opt for composition scheme.
Kindly check your GST rate as per your SAC code.
Majority of services are covered under 18% GST rate.
If your Aggregate Turnover is more than Rs. 1 crore, then you cannot opt for COMPOSITION SCHEME.
As per Notification No. 02/2019 - CT dated 07th March 2019, SERVICE PROVIDERS can opt for COMPOSITION SCHEME if their Aggregate Turnover does not exceeds Rs. 50 lakhs. The Rate of GST payable is 6% ( CGST @ 3% + SGST @ 3% ).
So you have to go for REGULAR SCHEME REGISTRATION wherein the GST Rate is around 18% .
As per Notification No. 02/2019 - CT dated 07th March 2019, SERVICE PROVIDERS can opt for COMPOSITION SCHEME if their Aggregate Turnover does not exceeds Rs. 50 lakhs. The Rate of GST payable is 6% ( CGST @ 3% + SGST @ 3% ).
So you have to go for REGULAR SCHEME REGISTRATION wherein the GST Rate is around 18% .
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