Friends,
What is the gst rate for taxpayer under composition scheme who is both a manufacturer and trader or seller of same goods?
is it 2%? i am confused whether it is 2% or 1% ... kindly confirm.. 1% cgst and 1% sgst?
Thanks in advance.
Aravind Kannan (Future CA ) (148 Points)
30 May 2023Friends,
What is the gst rate for taxpayer under composition scheme who is both a manufacturer and trader or seller of same goods?
is it 2%? i am confused whether it is 2% or 1% ... kindly confirm.. 1% cgst and 1% sgst?
Thanks in advance.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 30 May 2023
Manufacturers and Traders (Goods) | CGST 0.5% + SGST | 0.5% | === Total 1% |
Aravind Kannan
(Future CA )
(148 Points)
Replied 31 May 2023
thanks for the reply sir. but i came across the below quote as well, so please kindly clarify.
"
All businesses and individuals who are registered under the Composition Scheme are required to pay a GST rate of 1% to 6% depending on the type of business activity conducted by the registered person or business entity.
The applicable composition scheme GST rate features equal SGST/UGST and CGST split i.e. 1% GST = 0.5% CGST + 0.5% SGST/UGST, 6% GST = 3% SGST/UGST + 3% CGST. The composition levy rates under GST are as follows:
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 01 June 2023
Herewith attached link of last notification by GST department for rates of GST levy...
https://taxinformation.cbic.gov.in/view-pdf/1000585/ENG/Notifications
Aravind Kannan
(Future CA )
(148 Points)
Replied 01 June 2023
Thank you so much for the clarification sir
Pankaj Rawat
(GST Practitioner)
(55032 Points)
Replied 03 June 2023
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)