Gst impact.

186 views 5 replies

Rahul Maurya

3 Points Posted on 23 June 2017

I want to ask a question and please everyone provide your suggestions. My father is a small businessman dealing in power tools. This is basically and unorganized sector. He isn't registered as a dealer and thus books of accounts is not maintained by him. I want to ask with the incoming gst how the power tools sectors will be affected and should my father go for registration so that he can avail the set off benefits. But for such small businessman account maintenance and invoicing is a problem. Will gst affect my fathers small business.?

Replies (5)

CA Saloni

Manager-Accounts & GST Consultant

5124 Points Posted on 23 June 2017

Dear If the aggregate turover of his business is below threshold limit, then no need to worry.

or if its b/w 20l and 75 lacs he may opt for composite scheme.Composition dealers are provided some relaxation in respect to compliances.

You need to consider other factors also like if he dealing in interstate or which state his business is located?

CA Saloni

Manager-Accounts & GST Consultant

5124 Points Posted on 23 June 2017

Dear If the aggregate turover of his business is below threshold limit, then no need to worry.

or if its b/w 20l and 75 lacs he may opt for composite scheme.Composition dealers are provided some relaxation in respect to compliances.

You need to consider other factors also like if he dealing in interstate or which state his business is located?

Rahul Maurya

3 Points Posted on 23 June 2017

He is operating from Kolkata and sells good on intrastate basis only. What is the limit for registration?. He is involved in retail selling and services of power tools and i don't think his income is such that his business may face gst impact. However an advice or suggestion would be appreciated. Thank you.

Lalit Nagpal

Assistant Manager

541 Points Posted on 23 June 2017

Applicability of GST depend upon turnover, if turnover is >20 lacs then you have to go for registration. Have to collect gst, avail ITC and file return.

Lalit Nagpal

Assistant Manager

541 Points Posted on 23 June 2017

Applicability of GST depend upon turnover, if turnover is >20 lacs then you have to go for registration. Have to collect gst, avail ITC and file return.