Gold business can opt composition scheme

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538 Points Posted on 07 August 2023
Dear Sir, I have a business of Gold trading, turnover below 1.5 crore. Can I register under GST as a composition taxpayer.pls.and composition GST rate on Gold.
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On 07 August 2023 at 15:50 Report
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Quick Summary
Gold trading businesses with a turnover below £1.5 crore can indeed opt for the GST composition scheme. The applicable GST rate for this scheme on gold is 3%. However, it's important to note that opting for the composition scheme means you will not be able to claim Input Tax Credit (ITC). If you choose the standard 3% GST rate (1.5% CGST and 1.5% SGST), you will be eligible to claim ITC.

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"Do the Right Thing...!!!"
128157 Points Posted on 07 August 2023
Yes, Gold Business can opt Composition Scheme...

Tax Rate @ 3%
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On 07 August 2023 at 16:12
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Profession
28271 Points Posted on 10 August 2023
Gold business can opt for composition
scheme.
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On 10 August 2023 at 07:26
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538 Points Posted on 19 August 2023
Dear sir, rate of composition scheme on gold
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On 19 August 2023 at 12:24
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"Do the Right Thing...!!!"
128157 Points Posted on 19 August 2023
Originally posted by : sabyasachi mukherjee
Gold business can opt for composition scheme.

Mr Sabyasachi.,

Please reply to the query from Mr Tapas Samadder if You have any details except my reply as above....

 

Tapas Samadder (108 Points)

Replied 19 August 2023

Dear sir, rate of composition scheme on gold
 

Read more at: https://www.caclubindia.com/forum/details.asp?quote=2347033&mod_id=601934#reply

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On 19 August 2023 at 13:01
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538 Points Posted on 21 August 2023
Dear Sir, if I opt composition scheme @ 3% , am I able to claim ITC. pls..
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On 21 August 2023 at 15:59
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"Do the Right Thing...!!!"
128157 Points Posted on 21 August 2023
No... ITC not available under Composition Scheme...
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On 21 August 2023 at 16:14
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538 Points Posted on 26 August 2023
Dear Raja sir, 3 % GST rate is not Composition rate on Gold , If I opt 3% GST rate- 1.5 cgst and sgst each, I able to claim ITC.
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On 26 August 2023 at 09:50

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