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Expert Advice Needed - GST Composition Scheme

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111 Points Posted on 07 February 2018
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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On 07 February 2018 at 10:42 Report
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"Do the Right Thing...!!!"
128147 Points Posted on 07 February 2018
No....
You can't opt composition scheme...
463 Reply
On 07 February 2018 at 10:49
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Partner at AHM & CO Chartered Accountan
106 Points Posted on 07 February 2018
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.
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On 07 February 2018 at 11:44
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111 Points Posted on 07 February 2018
okay thanks both...can you further tell me any tax planning on how i can solve this if i want to continue with composition?
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On 07 February 2018 at 12:23
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Partner at AHM & CO Chartered Accountan
106 Points Posted on 07 February 2018
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.
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On 07 February 2018 at 12:29
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111 Points Posted on 07 February 2018
yeah its commercial...i forgot to tell that...so its taxable..
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On 07 February 2018 at 12:52
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"Do the Right Thing...!!!"
128147 Points Posted on 07 February 2018
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...
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On 07 February 2018 at 15:19
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Partner at AHM & CO Chartered Accountan
106 Points Posted on 07 February 2018
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.
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On 07 February 2018 at 16:23
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Partner at AHM & CO Chartered Accountan
106 Points Posted on 07 February 2018
In my opinion one option is there. Change constitution of one of ur business vertical partnership etc. Then only u can.
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On 07 February 2018 at 16:24
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111 Points Posted on 07 February 2018
ya right thats some good advise sir..thanks a lot...
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On 07 February 2018 at 17:13


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