i have business having turnover of 45 lacs and rent income of about. 1.5 L .
Can i opt for composition scheme ?
read sec 10(2)
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Expert Advice Needed - GST Composition Scheme
Replies (9)
No....
You can't opt composition scheme...
You can't opt composition scheme...
No
In case of supply of service composition scheme is available to Restaurant service only. In your case one of your business vertical is ineligible for composition scheme, so all of your business verticals become automatically ineligible.
In case of supply of service composition scheme is available to Restaurant service only. In your case one of your business vertical is ineligible for composition scheme, so all of your business verticals become automatically ineligible.
okay thanks both...can you further tell me any tax planning on how i can solve this if i want to continue with composition?
I just want to know have u let out your property for commercial purposes or residential purposes. If for residential purposes then it is non-GST supply. Then u can continue with composition scheme.
yeah its commercial...i forgot to tell that...so its taxable..
Yes... It's taxable..
No way for opt to composition scheme. You ll be adjust your ITC to Rent income. Otherwise have any liabilities then pay...
No way for opt to composition scheme. You ll be adjust your ITC to Rent income. Otherwise have any liabilities then pay...
See incase u have different registrations for different business verticals. Still u can't opt for composition scheme untill and unless ur all registrations are on single pan.
In my opinion one option is there. Change constitution of one of ur business vertical partnership etc. Then only u can.
ya right thats some good advise sir..thanks a lot...
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